TORONTO, May 19 /CNW/ - Marsulex Inc. (TSX: MLX) is pleased to announce
that the Superior Court of Ontario has issued an interim order
authorizing Marsulex to, among other things, call a special meeting of
its shareholders to consider and, if deemed advisable, pass a special
resolution approving the proposed plan of arrangement previously
announced by press release on May 5, 2011 between Marsulex, Investis
U.S., Inc. and Chemtrade Logistics Income Fund (TSX: CHE.UN).
Marsulex proposes to hold the special meeting of shareholders at 10:00
a.m. (Toronto time) on June 22, 2011, at the offices of its counsel,
Stikeman Elliott LLP, located on the 53rd floor of Commerce Court West,
199 Bay Street, Toronto. A management proxy circular of Marsulex (the
"Circular") will be mailed to Marsulex shareholders shortly. A copy of
the Circular will also be available under Marsulex's profile on SEDAR
The special resolution approving the proposed plan of arrangement must
be approved by at least 66 2/3% of the votes cast by shareholders
represented in person or by proxy at the special meeting.
The record date for determining the holders of common shares of Marsulex
that will be entitled to receive notice of and to vote at the special
meeting was May 13, 2011. Shareholders will have an election to make
in respect of their shares. The deadline for that election is 5:00
p.m. on June 17, 2011.
Marsulex is a leading provider of industrial services, primarily
environmental compliance solutions for air quality control and
hazardous waste streams produced in petroleum refineries and
petrochemical plants, and a leading producer and marketer of
sulphur-based industrial and water treatment chemicals. Marsulex's
products and services are provided to a broad base of customers in a
wide range of industries but with a major focus in the petroleum
extraction, petroleum refining, pulp and paper, and chemical
industries. Increasingly stringent environmental compliance regulations
have created opportunities for Marsulex to apply its core competency of
operating small to medium size chemical plants efficiently and safely.
Investis, incorporated under the General Corporation Law of the State of
Delaware, is a wholly owned subsidiary of Marsulex. Investis holds all
of the issued and outstanding shares of Marsulex Environmental
MET provides environmental systems and services, primarily air quality
compliance, to electric utilities, petrochemical and general industrial
customers worldwide that combust sulphur bearing fossil fuels or
otherwise create sulphur oxide pollutants in their operating plants'
processes. MET's systems and services enable them to cost effectively
remove these and other pollutants from their air emissions to meet
environmental regulations as well as achieve fuel flexibility and
access to the savings of using lower cost, high-sulphur fuels and
derive revenues from the sale of by-products such as commercial quality
calcium sulphate (gypsum) and ammonium sulphate fertilizer.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements relating to the
proposed acquisition of Marsulex Inc., including statements regarding
the completion of the proposed transaction and other statements that
are not historical facts. Such forward-looking statements are subject
to important risks, uncertainties and assumptions. The results or
events predicted in these forward-looking statements may differ
materially from actual results or events. As a result, you are
cautioned not to place undue reliance on these forward-looking
The completion of the proposed transaction is subject to a number of
terms and conditions, including, without limitation: (i) applicable
governmental authorities' approvals, (ii) required Marsulex shareholder
approval, (iii) necessary court approvals, and (iv) certain termination
rights available to the parties under the Arrangement Agreement. These
approvals may not be obtained, the other conditions to the transaction
may not be satisfied in accordance with their terms, and/or the parties
to the Arrangement Agreement may exercise their termination rights, in
which case the proposed transaction could be modified, restructured or
terminated, as applicable.
The forward-looking statements contained in this news release are made
as of the date of this release. We disclaim any intention and assume no
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Additionally, we undertake no obligation to comment on expectations of,
or statements made by, third parties in respect of the proposed
transaction. For additional information with respect to certain of
these and other assumptions and risks, please refer to the related
material change report and the Arrangement Agreement to be filed by
Marsulex Inc. with the Canadian securities commissions (available at www.sedar.com).
SOURCE Marsulex Inc.
For further information:
| Laurie Tugman || or || William Martin |
| President and CEO || || Chief Financial Officer |
| Tel: (416) 496-4157 || || Tel: (416) 496-4164 |