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Lignol provides financial and commercial update
Date:8/5/2014

VANCOUVER, Aug. 5, 2014 /CNW/ - Lignol Energy Corporation (TSXV: LEC) ("LEC" or the "Company"), today provided a corporate update in which management reported on its financial condition and progress with commercial negotiations.

The Company is engaged in discussions with respect to several commercial transactions that range from the sale or merger of each of the Company's respective holdings, to that of a sale or merger with LEC itself.  As previously announced, the Company has been working with its financial advisors and major shareholders to establish the terms of a financing which it urgently needs to complete. Over the past few months, the Company has received bridge financing of $500,000 from Difference Capital Financial ("DCF") in anticipation of a pending financing, together with additional corporate and government financial contributions which enabled the Company to operate.  In the meantime, the Company has recently received notices of default in respect of interest payments on the outstanding secured debt with DCF of approximately $13.1 million and also from its landlord B.C.I.T. for past rent totaling $198,000. There remains an urgent need to conclude a financing and the Company continues to negotiate with DCF the terms under which their secured note will be satisfied and their participation in any financing will be considered along with the participation of other prospective investors.

The Company has continued to take steps to reduce its monthly cash burn including, reducing headcount, revising contractual commitments and making certain reductions in executive compensation.  In addition, Neutral Fuels Parent Company which manages the operations of Neutral Fuels (Melbourne) Pty Ltd. ("NF Melbourne") (which is 51% owned by LEC), recommended to place NF Melbourne into voluntary administration which was recently undertaken. The business of NF Melbourne had continued t
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SOURCE Lignol Energy Corporation
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