OTTAWA, Sept. 2, 2011 /CNW/ - Thermal Energy International Inc,
(TSX-V:TMG) (www.thermalenergy.com) (the "Company") today provided an update to its press release of May
5, 2011 in which the Company disclosed that, in connection with a
review of the Company's affairs conducted by the TSX Venture Exchange,
it was determined that the consideration given for the issuance of
certain shares by the Company between November 2005 and June 2008 had
been invalid and therefore such shares were not validly issued. As of
May 5, 2011 the Company reported that a majority of such shares had
been cancelled as a result of such lack of consideration.
The Company is pleased to report that during the month of August the
Company was able to cancel an additional 684,306 common shares,
representing the last of the shares that were identified as having
invalid consideration. Accordingly, corresponding loans in an
aggregate principal amount of $112,246 which were made by the Company
to the shareholders in order to originally purchase such shares have
also been cancelled.
The cancellation of such shares allows for the release of 287,639 shares
of the Company from escrow. As previously disclosed, although he was
not party to the transactions in question, the Company's CEO, William
Crossland, voluntarily placed such shares from his personal holdings
into escrow until such time as an equivalent number of shares issued
pursuant to loans were either paid for in full or returned to the
Company and cancelled.
About Thermal Energy
Thermal Energy International Inc. is an innovative cleantech company
providing a variety of proprietary and proven energy efficiency,
emission reduction, water efficiency, and bioenergy products and
solutions to the industrial, commercial and institutional markets
worldwide. Thermal Energy is also a fully accredited professional
engineering firm, and can offer advanced process and applications
engineering services. By providing a unique mix of proprietary products
together with process, energy, environmental, and financial expertise
Thermal Energy is able to deliver significant financial and
environmental benefits to our customers. Thermal Energy's products
include; GEM® - Steam traps and condensate return systems, FLU-ACE® - Direct contact condensing heat recovery, and Dry RexTM - Low temperature biomass drying systems. These award winning products
have an excellent track record of longevity, proven reliability and
performance and have been shown to provide significant energy savings,
reduced GHG emissions, improved water efficiency, lower maintenance
costs, improved product quality and increased production efficiency.
Thermal Energy International Inc. has offices in Ottawa, Canada,
Bristol, UK and Guangzhou, China.
To find out more about Thermal Energy International Inc. (TSX-V: TMG),
visit our website at http://www.thermalenergy.com.
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.
SOURCE Thermal Energy International Inc.
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Thermal Energy International Inc.