OTTAWA,
Oct. 16, 2013 /CNW/ - Clearford
Industries Inc. ("Clearford" or the "Company", TSXV: CLI) today
announced that it will issue treasury shares to its Directors as
payment for services undertaken over the past year.
"As a means to preserve its working capital
cashflow, the Board of Directors have agreed to take a portion of
their outstanding Director's fees in cash", commented Clearford
President and CEO Kevin
Loiselle.
As a result of this transaction, the Company
will issue 1,624,286 common shares at $0.125 per share out of treasury. Following this
issuance the Company will have 67,471,836 issued and outstanding
common shares and 111,718,529 common shares on a fully diluted
basis. This transaction will not result in any new controlling
shareholder of the Company. The transaction is subject to TSX
Venture Exchange approval.
The Company also announced the resignations of
Mr. John Kelly and Mr. Bruce Linton from its Board of Directors as well
as the addition to the Board of Mr. Kevin
Loiselle, President and CEO effective immediately. "We thank
John and Bruce for their contributions to Clearford, both as former
CEO and as Director, and we look forward to the contribution as a
Director of our President and CEO Kevin
Loiselle" said Board Chairman Rod
Bryden.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
About Clearford Industries Inc.
Clearford Industries Inc. (TSX-V: CLI) is a water infrastructure
company that provides holistic solutions for all aspects of water
delivery, management, treatment and recycling. Clearford acts as a
system integrator and core solution provider in order to deliver
end-to-end water management for established and new communities.
Clearford partners with leading edge water treatment providers and
local constructors to deliver projects that integrate the Clearford
patented SBS® waste water collection system with potable water
treatment & supply, waste water treatment & recycling, and
storm water management & fire suppression systems.
The Clearford SBS® System is a patented
watertight small diameter solids-free wastewater collection system
that provides servicing with superior operational and environmental
performance at a lower installation & operational cost compared
to other sewer systems.
Clearford currently has systems installed or
under construction in Canada,
Colombia, Peru and India.
For more information on Clearford, please visit
www.clearford.com.
Forward Looking Statements
This news release contains certain statements
that constitute forward-looking statements as they relate to the
Company and its management. Forward-looking statements are
not historical facts but represent managements current expectation
of future events, and can be identified by words such as "believe",
"expects", "will", "intends", "plans", "projects", "anticipates",
"estimates", "continues" and similar expressions. Although
management believes that the expectations represented in such
forward-looking statements are reasonable, there can be no
assurance that they will prove to be correct.
By their nature, forward-looking statements
include assumptions and are subject to inherent risks and
uncertainties that could cause actual future results, conditions,
actions or events to differ materially from those in the
forward-looking statements. If and when forward-looking
statements are set out in this news release, Clearford will also
set out the material risk factors or assumptions used to develop
the forward-looking statements. Except as expressly required by
applicable securities law, the Company assumes no obligation to
update or revise any forward looking statements. The future
outcomes that relate to forward-looking statements may be
influenced by many factors, including, but not limited to: industry
cyclicality; the ability to secure third party agreements;
successful integration of Clearford's system with third party
technology; competition; reduction in demand for products;
collection from customers; relationships with suppliers; product
liability; intellectual property; reliance on key personnel;
environmental; interest rates; uninsured and underinsured losses;
operating hazards; risks of future legal proceedings; income tax
matters; credit facilities; availability and terms of financing;
distribution of securities; restrictions on potential growth;
effect of market interest rates on price of securities; and
potential dilution.
SOURCE Clearford Industries Inc.
