OTTAWA,
Oct. 28, 2013 /CNW/ - Clearford
Industries Inc. ("Clearford" or the "Company") (TSXV: CLI) today
announced that it has issued 1,564,264 shares to its Directors in
lieu of $195,536 of fees owed by the
Company in a share for debt exchange transaction.
As previously, announced on October 16, 2013, the Company had agreed to
extinguish $203,036 of its
outstanding fees owed to its Directors in exchange for 1,624,286
new shares issued from Treasury. The Company received approval from
the TSX to issue the shares on October
23, 2013. Subsequent, to the previous release and following
TSX approval, one director decided to forego the receipt of 60,000
shares valued at $7,500.
Without prior written approval of the Exchange
and in compliance with all applicable securities legislation, the
securities issued under this transaction may not be Sold,
transferred, hypothecated or otherwise traded on or through the
facilities of the TSX Venture Exchange, or otherwise in
Canada or to or for the benefit of
a Canadian resident until March 1,
2014.
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.
