Shareholder Exposes Short Seller Manipulation in Shares of Kolibri Energy

TORONTO, Feb. 13, 2023 /CNW/ - Harrington Global Opportunities Fund Limited ("Harrington"), announced today that it has been working in cooperation with Kolibri Global Energy Inc. ("Kolibri") (TSX: KEI, OTCQX: KGEIF) to investigate anomalies in Kolibri's shareholdings. Harrington is Kolibri's third largest shareholder and beneficially owns or exercises control or direction over 4,077,050 common shares of Kolibri (or approximately 11.45% of the issued and outstanding shares).

With the assistance of Shareholder Intelligence Services, LLC ("ShareIntel") and Wes Christian of Christian Levin Law Group, and also relying on the resources of Buyins.net, Harrington has been able to establish the existence of persistent and significant share imbalances which Harrington has concluded demonstrates the likely existence of counterfeit shares in Kolibri. Based upon the data compiled, there are potentially millions of counterfeit shares that have been manipulated into circulation. With 35.52 million shares outstanding, and an actively traded float of an estimated 10 million shares, the addition of such a large amount of counterfeit shares would act to significantly depress Kolibri's share price to the detriment of its shareholders and to Kolibri itself. Recordkeeping and reporting rules would also have been violated along with several provisions of Regulation SHO and the Fair Market Making Requirement.

Steps are being taken to address this matter with regulatory authorities and law enforcement. Harrington is also preparing to obtain redress through the courts.  Harrington seeks (i) to force an audit of the shares in circulation to determine the number and location of counterfeit shares in circulation, including those in ex-clearing, (ii) to force the buy in of the fails to deliver that have been outstanding for years, and (iii) to prevent those involved from continuing to create counterfeit shares.

Harrington's efforts to expose what it characterizes as fraudulent and manipulative practices in the capital markets coincide with a broader movement of activist shareholders, companies and CEOs who are documenting and exposing market abuses and corruption within the markets. Harrington joins this movement in demanding accountability and action from market participants, regulators, and politicians alike. Harrington thanks Kolibri for its cooperation, leadership and support in helping to expose these market abuses, and seeking to protect the shareholders, and it looks forward to seeing these issues rectified.

Caution Regarding Forward-Looking Information

This release contains forward-looking information including information regarding steps Harrington may take to address its concerns, including seeking to get the assistance of regulatory authorities and law enforcement and obtaining redress through the courts.  Forward-looking information is based on Harrington's expectations and assumptions, and involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: any of the assumptions on which such forward-looking information is based vary or prove to be invalid, including that the regulatory or law enforcement authorities fail to act or that any legal action does not result in a favourable outcome. There can be no assurance that such statements will prove to be accurate. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. Harrington undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

SOURCE Harrington Global Opportunities Fund Limited