February 1, 2013
TSX-V Symbol: CTR
Mr. Arndt Roehlig reports:
Vancouver, BC: Coltstar Ventures Inc. (the “Company”) is pleased to announce that it has entered into a settlement agreement (the “Agreement”) resolving a variety of outstanding issues involving the Company and certain of its former directors and officers.
Pursuant to the Agreement, the Company will receive 8,724,001 common shares of the Company (the “Settlement Shares”), which the Company intends to cancel and return to treasury. The Company has agreed to release 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 agreed to provide a reciprocal release in favour of the Company.
The Agreement does not involve an admission of liability on the part of any party.
The Company further confirms it has submitted for approval to the TSX-V Exchange shares for debt in the amount of 1,675,000 shares to be issued at a price of $0.20 per share for total debt being settled of approximately $335,000.00.
The above settlements have been granted via a Partial Revocation Order by the British Columbia Securities Commission on January 17, 2013 pursuant to a Cease Trade Order having been issued against the Company on May 9, 2012.
The Company will issue a news release once either transaction above has been completed, closed and approved by the TSX-V Exchange, if applicable.
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.
On behalf of the Board of Directors:
/s/ “Arndt Roehlig”
Chief Executive Officer, President and Director
For further information please contact:
Telephone: (604) 569-1236