March 25, 2013
TSX-V Symbol: CTR
Mr. Arndt Roehlig reports:
Vancouver, BC: Coltstar Ventures Inc. (the “Company”) is pleased to announce that it has received 8,724,001 common shares of the Company shares from certain former directors and officers and has returned the shares to treasury, reducing the number of outstanding shares by 22.4% to 30,160,067 common shares issued and outstanding. This resolves a variety of outstanding issues involving the Company and the former related parties.
Pursuant to a news release disseminated on February 1, 2013, the Company announced it had entered into a settlement agreement (the “Agreement”) with certain former directors and officers for the return to treasury of 8,724,001 common shares of the Company. The Company has released each of the persons who is a party to the Agreement from any and all claims by the Company existing prior to the date of the Agreement, and each party to the Agreement other than the Company has provided a reciprocal release in favour of the Company. The Agreement does not involve an admission of liability on the part of any party.
The above settlement has been executed via a grant of a Partial Revocation Order by the British Columbia Securities Commission (“BCSC”) on January 17, 2013 pursuant to a Cease Trade Order having been issued against the Company on May 9, 2012 by the BCSC.
The board of directors of the Company consists of Arndt Roehlig, Michael Sikich, Jon Lever and Fiore Aliperti. Management is continuing to work diligently with regulators with the aim to have the Company’s shares reinstated for trading on the TSX-V Exchange as quickly as possible. In that respect, all outstanding quarterly reports were recently filed on Sedar.com.
On behalf of the Board of Directors:
/s/ “Arndt Roehlig”
Chief Executive Officer, President and Director
For further information please contact: Arndt Roehlig, telephone: (604) 569-1236
Coltstar Ventures Inc. Completes Settlement Agreements
March 25, 2013