OTTAWA, June 23, 2016 /CNW/ - Clearford Water
Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), a TSX
Venture 50 Company, today summarized the Annual General Meeting of
Shareholders held in Ottawa on
Monday June 21st.
The Chief Executive Officer presented highlights of key
milestones achieved in 2015: "2015 was a significant year for
Clearford as we rolled out our completed and enhanced Clearford
One™ product", said CEO Kevin
Loiselle. The commencement of construction and subsequent
commissioning of operational Clearford One™ systems in Ontario and India have positioned Clearford for
substantial growth" he continued. "Reaching the final stages
of a competitive process to install our cost effective system on a
municipal scale in Ontario using
our Pay for Performance (P4P™) delivery model should put us on a
significant growth trajectory" he concluded.
Clearford Key Corporate Milestones reached in 2015:
- Launch of $100 million fund for
Pay for Performance (P4P™) financing and delivery model of
Clearford One™ for Ontario
municipalities
- MOU signed with Gujarat Water Supply & Sewage Board to form
strategic partnership to bring Clearford One™ to the state of
Gujarat, India
- Signed contract with Gujarat Road & Infrastructure Company,
a subsidiary of IL&FS, to install the first Clearford One™
system in a tribal village in Gujarat
- Submit response to Request for Expression of Interest to
Design, Build Finance, Operate & Maintain communal wastewater
system for the Town of Everett, Adjala-Tosorontio
- Clearford selected as one of two qualified respondents to
Everett Expression of Interest to Design, Build Finance, Operate
& Maintain communal wastewater system for the Town of Everett,
Adjala-Tosorontio
- Commence construction of first Clearford One™ system in
Ontario at Fetherston Park,
North Grenville
Clearford Key Corporate Milestones reached since year end
2015:
- First Clearford One™ site in Ontario at Fetherston Park is
commissioned
- Clearford signs a strategic partnership Memorandum Of
Understanding with Essel Group Pvt. Ltd. to deliver Clearford One™
systems in India
- Clearford ranked in top ten Clean Technology & Life
Sciences Sector on the TSX Venture Exchange
- First Clearford One™ site in Ontario at Fetherston is fully operational and
meets all Ontario Ministry of Environment and Climate Change
compliance criteria
- Commence construction of Phase 2 of successful Cayunda project
in Colombia
- Clearford's P4P™ financing model wins Corporate innovation
award at Ontario Onsite Wastewater Association conference
- Clearford commissions first Clearford One™ system, including
toilet and shower blocks, in Gujarat India
"Clearford has devoted a decade to creating and building a
performance record for a wastewater collection and treatment system
that is much lower in capital and operating costs and superior in
environmental performance. Clearford One™ now positions Clearford
to gain a meaningful share of this dynamic market" Mr. Loiselle
said.
A summary of the Company's presentation to its shareholders is
available on SEDAR.COM and the Company's website at
www.clearford.com.
Shareholders gave approval to the amended Employee Stock Option
Plan, increasing the maximum number of options in the pool by
4,339,328 to 17,508,478. Stock options granted to insiders at
$0.50 per share on November 12th, 2015 were also approved
by a vote of disinterested shareholders. Currently, there are
12,227,186 stock options granted to employees and insiders of the
Company.
The Company currently has 87,542,391 issued and outstanding
shares and 106,335,031 shares on a fully diluted basis.
As previously announced, the Company entered into a US$5.25 million project-linked loan agreement
(the "Loan") with Sustainable Water Projects Inc. ("SWP"),
including an option to acquire, consolidate and restructure
Clearford's existing long-term debt in the aggregate principal
amount of C$18.25 million (the
"Debt") from the Debt holder, including the postponement of
interest payments due on the Debt until June
30, 2016 (the "Closing Date"). On June 22, 2016, the Company, SWP and the Debt
holder agreed to extend the Closing Date, including the
postponement of interest payments, until August 15, 2016. The Loan is made in tranches,
the first of which in the amount of US$500,000 was already received by the
Company.
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 Water Systems Inc.
Clearford Water
Systems Inc. (TSX-V: CLI) is a provider of unified water management
and sanitation systems based on Clearford One™. Clearford One™ is a
proprietary system comprised of ClearDigest™ smart digester,
ClearConvey™ small bore sewer, and ClearRecover™ final treatment
facility. For more information on Clearford Water Systems, please
visit www.clearford.com .
About UV Pure Technologies Inc.
UV Pure Technologies
manufactures technically advanced UV water purification systems.
The Company has won an Artemis Top 50 Clean Tech Company award, two
Frost and Sullivan Best Practices awards, a Canadian Drinking Water
Association award for innovation, and is a Going Green Global Top
200 company.
There are currently over 15,000 UV Pure systems in residential,
commercial, industrial, public and municipal applications, with
flow rates up to 1 million gallons per day. An aerospace version of
UV Pure's system is being used by Boeing to purify water on its new
787 Dreamliner.
UV Pure's patented Crossfire Technology® is
dramatically advantaged compared to conventional UV systems. Lamps
are mounted in air surrounded by elliptical reflectors providing
more effective deactivation of pathogens, facilitating easy lamp
changes and visual quartz inspection. They are self-cleaning, smart
– with multiple sensors and on-board diagnostics guiding
maintenance, engineered to be fail-safe, virtually maintenance
free, and are plug-in ready for remote monitoring. For more
information on UV Pure Technologies, please visit
www.uvpure.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
management's 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 Water Systems Inc.
