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

o be unprofitable and the prospects for its turnaround in the near future were hampered by recent adverse changes in market conditions.

The Company's primary focus has been to raise capital for the restart of its biodiesel plant located in Darwin, Australia, which management believes is the best course of action to realize value for shareholders. The Company's paramount objective is to complete a financing over the next month which will require an immediate bridge loan.  Discussions with LEC's financial advisors, major shareholders, certain of its creditors and new investors have involved negotiations relating to various structures that address pricing and other terms as well as the treatment of the outstanding secured debt with DCF of approximately $13.1 million and the conversion of approximately $400,000 in other debt.  Although discussions are continuing, as of today's date a financing has not yet been confirmed.

Going concern

The Company currently has negative working capital of approximately $17.1 million and future government and corporate contributions receivable within the next 4-5 months of $1.7 million. The negative working capital includes the $13.1 million which has been drawn on the DCF credit facility and which is currently due in December, 2014. The Company continues to forecast that its working capital requirements for the next twelve months will exceed the funds available from a combination of its current working capital, existing government grants and corporate relationships. The ability of the Company to continue as a going concern is dependent upon its ability to continue to raise additional capital to fund its business objectives, to be able to repay amounts drawn under the DCF credit facility and to satisfy the defaults registered by DCF and BCIT. In the current economic climate there is significant doubt with respect to the validity of these assumptions.

About Lignol Energy Corp
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