TORONTO, Sept. 16, 2011 /CNW/ - HydraLogic Systems Inc. ("HydraLogic" or
the "Company") (NEX: HLS.H - OTC Pink Sheet: HYSYF) announced today
that on September 15, 2011 the Company signed an agreement to sell the
shares of its operating subsidiaries, Ecolo Odor Control Technologies
and HydraLogic Systems Corp.("Subs"), along with all intellectual
property of the Company, in return for the forgiveness of the
US$2,430,000 now due and owing to the international investment group
("New Lender") announced on August 11, 2011.
The share purchase of the Company's Subs is subject to NEX and
shareholder approval. Notice of a special meeting of the shareholders,
to be held on or around the 31st of October, 2011, along with an information circular and proxy will be
disseminated in the very near term.
Upon successful completion of the share purchase of the Company's
operating Subs, the Company shell will remain with the shareholders and
on the NEX Board of the TSX Venture Exchange.
About HydraLogic Systems:
HydraLogic is an innovator of engineered misting systems and proprietary
environmental chemistries with reoccurring revenue distribution
platforms. The company strives to be market leaders in providing
technologies, through turnkey distribution and service models into the
multi-billion dollar mosquito and odour control industries as Bug
Defence and Ecolo respectively.
HydraLogic Systems is listed on the NEX exchange - symbol: HLS.H
Forward Looking Statements
This press release contains certain "forward looking statements". These
statements relate to future events or future performance and reflect
expectations and belief regarding growth, results of operations,
performance, business prospects, opportunities or industry performance
and trends. These forward looking statements reflect current internal
projections, expectations or beliefs and are based on information
currently available. A number of factors could cause actual events or
results to differ materially from the results discussed in the forward
looking statements. Although it is believed that the forward looking
statements contained in this press release are based upon reasonable
assumptions, investors cannot be assured that actual results will be
consistent with these forward looking statements. These forward looking
statements are made as of the date of this press release, and
HydraLogic Systems Inc. assumes no obligation to update or revise them
to reflect new events or circumstances, except as required pursuant to
applicable securities laws.
The NEX Exchange does not accept responsibility for the adequacy or
accuracy of this news release.
SOURCE HydraLogic Systems Inc.
For further information:
President & CEO
416 740 3900 ext 400