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Terraoil announces Approval of CHF 19.3 million KER and Key Upcoming Milestones

·3-min read

EQS Group-News: TERRAOIL SWISS AG / Key word(s): Miscellaneous
19.04.2021 / 07:00


Terraoil announces CHF 19.3 million as capital contribution reserves (Kapitaleinlagereserve) and key corporate milestones to support development of the company

Zug, Switzerland, April 19, 2021 - Terraoil Swiss AG, an E&P company with a strong focus on the Mediterranean, today announced that tax rulings have been received from the Swiss federal tax authorities (ESTV), for the approval of CHF 19.3 million as Kapitaleinlagereserve (KER) in order that these contributions can be recognized as qualifying capital contribution reserves in the sense of Swiss federal anticipatory (withholding) tax law. The final formal approval has been obtained by federal tax authorities after the approval of the 2019 financial statements by the annual general meeting of the company

Chief Financial Officer, Bill Cummins, commented:

"We are pleased that the Federal tax Authority has approved the KER which helps us to position the company for future tax-efficient distributions to its shareholders.
The approval, together with the existing KER, will position the company to make a future tax-free distribution to shareholders up to CHF 19.3 million provided certain conditions are met, including positive retained earnings, sufficient liquidity and current profitability. The distribution would be favorable to Swiss shareholders who would not be subject to income tax on this amount. The tax situation of individual shareholders may vary and should be considered by each shareholder if and when such distribution is declared by the Company."

Key upcoming milestones
The company has updated its investor relations section on the corporate website to include its latest investor presentation. The presentation provides an overview of Terraoil's business opportunity, its operations, leadership team, and other information relevant to prospective investors. For a downloadable PDF of the investor presentation please follow this link.

The company expects to achieve the following key milestones by H2/2022

Chief Executive Officer, Peter Krempin commented:

"This is the year Terraoil will evolve into a diversified E&P company with the anticipated takeover of the three additional onshore producing oil fields and the development of potentially interesting gas projects with our partners.

We have set important goals for the company which we believe are achievable and hence we continue to take the necessary steps to position the company for a stock exchange listing when the window for such an opportunity opens. The main purpose of the planned IPO is to achieve our mission to become the country's leading oil producer. The company's IPO preparedness is an important milestone for the company as we are aiming to receive regulatory approval in the shortest possible time."

About Terraoil Swiss AG
Terraoil is an international E&P company with a focus to identify and rapidly advance undeveloped transformational production potential through state-of-the-art technology with comparably low production cost. https://terraoil.swiss


Terraoil contact
Peter Krempin, CEO
T: +41 71 544 01 20
investors@terraoil.swiss

Terraoil forward-looking statements
This media release contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements are subject to certain risks and uncertainties which may cause actual results, performance, or events to differ materially from those anticipated in this media release. Readers should therefore not rely on these forward-looking statements. The forward-looking statements contained in this media release are based on the views and assumptions of Terraoil Swiss AG as of this date and Terraoil Swiss AG does not assume any obligation to update or revise this media release.


End of Media Release

Language:

English

Company:

TERRAOIL SWISS AG

Industriestrasse 47

6300 Zug

Switzerland

Phone:

+41 71 544 01 20

Fax:

+41 71 535 59 08

E-mail:

info@terraoil.swiss

Internet:

terraoil.swiss

ISIN:

CH0369663445

EQS News ID:

1185952


 

End of News

EQS Group News Service

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