CBM Asia Development Corp. (Toronto Venture:TCF) announces that further to its news release dated April 16, 2014, the British Columbia Securities Commission (the BCSC), the company's principal regulator, issued a management cease trade order (MCTO) against the company's CEO and CFO on May 1, 2014, as opposed to a general cease trade order against the company. The MCTO prohibits trading in securities of the company, either directly or indirectly, by these individuals.

As summarized in the company's news release dated April 16, 2014 this action was expected due to the fact that the company was unable to file its annual financial statements, Management's Discussion & Analysis and related CEO and CFO certificates for its fiscal year ended December 31, 2013 before the April 30, 2014 filing deadline.

The company subsequently advised in its news release of June 12, 2014 that it was also unable to file its first quarter unaudited financial statements, Management's Discussion & Analysis and related CEO and CFO certificates for the three months ended March 31, 2014 by the filing deadline of May 30, 2014.

The company now reports that the annual required filings and Q1 required filings will not be issued by June 30, 2014. As a result, the BCSC may exercise its discretion at any time to issue a general cease trade order with respect to the company's shares in place of the MCTO. The delayed completion of the company's financial statements is due to the late receipt of certain required financial information from Indonesia and, in some cases, the auditor's requirement for further or more detailed documentation. The company continues its efforts to remedy these issues and anticipates that the annual required filings and Q1 required filings can be completed for filing in the second half of July.

The company also announces that Clint Sharples, a director of the company, has been appointed CFO. Separately, Keith Potter has resigned as general manager, Indonesia. Potter had been with the company in that position since April 2012.

The company is based in Vancouver, British Columbia.