Pepcap Announces Results of its Annual Meeting of Shareholders and Termination of Letter of Intent between Pepcap and Turbo Ion, Inc.

VANCOUVER, British Columbia, Jan. 04, 2018 (GLOBE NEWSWIRE) -- Pepcap Resources Inc. (TSXV:WAV) (“Pepcap” or “the Company”) is pleased to announce the results of its annual meeting of shareholders held on December 12, 2017 (the “Meeting”). The Company is pleased to announce the re-election of Claus Andrup, Edward Rochette and Margaret Wee as directors of the Company. At the Meeting, shareholders also re-appointed MNP LLP, Chartered Accountants, as the auditors of the Company and approved a resolution approving the Company’s stock option plan.

The Company also wishes to report that the previously announced non-binding letter of intent between the Company and Turbo Ion, Inc. (the “LOI”) has been terminated. The LOI was set to expire in February 2018.  Trading of the Company’s common shares was initially halted on March 2, 2017 pending the announcement of the LOI. The Company has applied to the TSX Venture Exchange (the “TSXV”) to have the halt lifted and for trading of the common shares to resume. Such resumption of trading is subject to TSXV approval. 

About Pepcap Resources Inc.

Pepcap, through Asia Mining and its 99.6% subsidiary Andika, hold mining properties in Sumatra, Indonesia. The properties are divided into two coal blocks located in the Napal Putih and Putri Hijau districts of the North Bengkulu Regency of Bengkulu Province, Indonesia. Andika holds a one hundred percent (100%) undivided interest in the properties. Andika holds three IUPs (mining licences), two being production licences on 1,957 hectares and an exploration licence on 7,236 hectares.

On behalf of the Board of Directors:

Edward C. Rochette
Chairman of the Board.

For further information:

Edward C. Rochette
Email: erochette@yahoo.com

This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable Canadian securities legislation. Specifically, this news release includes, but is not limited to, forward-looking statements with respect to the Company’s management and the resumption of trading of the Company’s securities. Generally, forward-looking statements can be identified by the forward-looking terminology such as "plans", "expects", "anticipates", "believes" and similar expressions and statements related to matters that are not historical facts. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks associated with general economic conditions, loss of markets, inability to obtain regulatory approvals and other regulatory matters. Although the Company has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America.