Update and Clarification on Sale of Canadian Environmental and GreenFill Divisions
SCOTTSDALE, AZ and Calgary, AB, Aug. 26, 2013 /CNW/ - RDX Technologies Corporation (formerly Ridgeline Energy Services Inc.) ("RDX" or the "Company") (TSXV: RDX, OTCQX: RGDEF, FSE: RL7) a water treatment and energy technology company, wish to update and clarify the prior news releases of July 18 and July 19, 2013 regarding the sale of the Company's Canadian environmental and GreenFill divisions.
The Company is disposing of certain assets and liabilities of its Canadian environmental and GreenFill divisions pursuant to an Asset Purchase Agreement dated July 1, 2013. The purchaser is Ridgeline Canada Inc. ("RCI"). RCI is a new private company incorporated to acquire the environmental and GreenFill assets. As the Company has now changed its name to RDX Technologies Corporation. RCI has acquired the "Ridgeline" name.
As part of the negotiations of the transaction RCI required that the senior management of the environmental and GreenFill divisions become employees of RCI to manage the new company going forward. Messrs. Tyler Heathcote, Bradley Shybunka and Jason Flatla, previously senior managers of the Company, have left the Company effective July 1, 2013 to join RCI as its executive management team. Messrs. Heathcote, Shybunka and Flatla are now directors and officers of RCI. The sole shareholder of RCI is not related to the Company.
About RDX Technologies Corporation
RDX Technologies Corporation is a water treatment and energy technology company. The Company is applying proprietary technology to treat water generated from industrial and commercial waste water markets. These markets include a wide variety of clients across abroad spectrum of industries. The Company trades on the TSX Venture Exchange under the symbol "RDX", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange as "RL7".
ON BEHALF OF THE BOARD OF DIRECTORS
"Dennis M. Danzik"
Dennis M. Danzik, CEO
"Neither 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 news release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."
SOURCE RDX Technologies CorporationFor further information:
David Waldman at Crescendo Communications
(212) 671-1021 (New York)