OTTAWA, June 22, 2017 /CNW/ - Clearford Water Systems
Inc. ("Clearford" or the "Company"), (TSXV: CLI), today announced
the results of voting at its Annual Special and General Meeting of
Shareholders ("AGM"), held on June 21,
2017 in Ottawa.
The Shareholders re-elected the 5 incumbent Directors included
on the ballot. As previously announced Mr. Rod Bryden, did not run for re-election to the
Board. He will be replaced as Chairman by Mr. Kevin Loiselle, the Company's President and
CEO.
"We now recognize that full control of all aspects of delivering
the Clearford One solution is required for the long-term success of
the company" said CEO Kevin Loiselle
"Clearford will now provide Operations and Maintenance services as
well as water and wastewater treatment plant fabrication" he
continued, "we will secure the capacity to deliver these previously
subcontracted services through a series of acquisitions. We are in
discussions with relevant acquisition targets and have a verbal
commitment for funding the execution of this new strategic
acquisition business plan, which will be subject to due diligence
and entering into letters of intent. Our intention is to
complete the first transaction before the end of this fiscal year.
The Company will provide additional updates as required under the
continuous disclosure requirements for TSX-V listed companies" he
concluded.
Additionally, the disinterested shareholders of the Company
voted in favour of providing stock options in its subsidiary, UV
Pure Technologies Inc. (UV Pure), to its two senior executives in
UV Pure. The options will be issued following final TSX-V
approval. The Company will issue 300,000 UV Pure options to the
President and CEO of UV Pure and 180,000 UV Pure options to its
Vice President of Finance and Operations. As this transaction is
considered to be a disposition of assets in the Company to a
related party, the transaction is considered to be a reviewable
transaction under the rules governing TSX Venture listed companies.
Additionally, as UV Pure is a non-listed private company, the
determination of inputs required to calculate the fair value of the
company for the purposes of issuing the options is subjective.
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.
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.
