Reservoir Capital Corp. Announces Late Filing of Financial Statements And Management Cease Trade Order

Vancouver, British Columbia--(Newsfile Corp. - April 17, 2019) - Reservoir Capital Corp. (CSE: REO) ("REO") announces today that it will likely miss its filing deadline of April 30, 2019 to file its annual financial statements for the fiscal year ended December 31, 2018 (the "Annual Financial Statements") and related management discussion and analysis ("MD&A"), as required by applicable Canadian securities laws.

On September 21, 2018, the Company underwent a reverse takeover transaction where it acquired a 60% interest in Kainji Power Holding Limited ("KPHL"), a non-reporting company incorporated in the Republic of Mauritius. KPHL's primary asset is the ownership of a minority interest in Mainstream Energy Solutions Limited ("MESL").

As this is the first year that REO is required to include financial information of KPHL and MESL in its Annual Financial Statements, REO has encountered delays in completing its Audited Financial Statements, and as a result the Company has applied to the British Columbia Securities Commission for a Management Cease Trade Order ("MCTO"). Because of the delays, the Company will file its Annual Financial Statements, MD&A, and CEO and CFO certificates (collectively, the "2018 Annual Financial Statements") after the filing deadline of April 30, 2019 as prescribed by National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102").

The Company currently expects to file the 2018 Annual Financial Statements sometime before June 30, 2019 and will issue a news release announcing completion of such filings at such time. Until then, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 - Management Cease Trade Orders for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.

During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares, however, the Company's Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade the Company's shares.

REO is not currently subject to any insolvency proceedings. If REO provides any information to any of its creditors during the period in which it is in default of filing the Annual Financial Statements, the Company confirms that it will also file material change reports on SEDAR containing such information.

About Reservoir Capital Corp.

REO's Vision & Mission is to assemble a portfolio of producing and near-production clean energy assets in emerging markets.

REO's strategy to achieve its Vision is to approach owners of privately-held quality assets and offer them diversification, liquidity and exposure to a growing portfolio assembled following a disciplined investment policy.

REO's investment policy consists of taking carefully selected minority economic interests in key geographies, targeting regular dividend income over long periods, while offering the potential for capital gain in the medium term.

Further Information

Investors are cautioned that trading in the securities of REO should be considered highly speculative. Additional information on these and other factors that could affect the operations or financial results of REO are included in REO's CSE Listing Statement and most recently filed quarterly report, each of which is filed with applicable Canadian securities regulators and may be accessed through the SEDAR website (www.sedar.com). The CSE have neither approved nor disapproved the contents of this news release.

For further information, contact:

Lewis Reford
CEO, Reservoir Capital Corp.
Telephone: 416-399-2274
Email: [email protected]

NEITHER THE CSE NOR THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward Looking Statements

Certain information set forth in this news release contains "forward-looking statements", and "forward-looking information" under applicable securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs regarding future events of management of REO. This information and these statements, referred to herein as "forward looking statements", are not historical facts, are made as of the date of this news release and include without limitation, REO's management expectations that it will miss the filing deadline for the 2018 Annual Financial Statements and the ability of REO to file the 2018 Annual Financial Statements within the time period described herein. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations.

These forward looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. Important factors that may cause actual results to vary include without limitation, risks relating to the preparation and timing of the filing of the 2018 Annual Financial Statements and general economic conditions.

In making the forward looking statements in this news release, REO has applied several material assumptions, including without limitation that management of REO will be able to file its 2018 Annual Financial Statements within the time period described herein. REO does not assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in REO's filings with the Canadian securities regulators, which filings are available at www.sedar.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44156