OTTAWA, May 29, 2017 /CNW/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSX-V:CLI), a TSX Venture 50 Company, today announced that Mr. Rod Bryden, its current chair will not stand for re-election to the Board at its upcoming Annual General and Special Meeting ("AGM") of Shareholders Scheduled for June 21, 2017.
Mr. Bryden, has held the position of Chairman of the Board and has provided guidance to the Company under a Strategic Leadership Agreement since 2006 when he became a major shareholder of the Company. Mr. Bryden will step down from Chairman position immediately following the completion of the AGM. As a major shareholder of Clearford, Mr. Bryden will continue to be a reporting insider of the Company.
Additionally, the Company has announced that the Strategic Leadership Agreement with Mr. Bryden's Company, SC Stormont Inc., will not be renewed by mutual agreement and will end on May 31, 2017. Mr. Bryden intends to focus on his other endeavours which include Plasco Conversion Technologies Inc. which he has been principal shareholder and CEO since September 2015.
Subject to election of the Board at the AGM it is the intention of the Board to appoint Mr. Kevin Loiselle, the President & CEO of Clearford, as Chairman of the Board following the AGM. Recognizing that it is important for corporate governance that the Chairman be independent from management, the Board will seek to appoint an Independent Chairman at the appropriate time.
"Mr. Bryden has provided guidance and advice on the direction of the Company for the past 12 years and has put us in a position to be successful with our product offering. He has been instrumental in assisting the Company in its fundraising activities, which has allowed the Company to complete its product offering to bring the full end to end Clearford One system to our target market" said Kevin Loiselle, President and CEO of Clearford. "Additionally, he has guided the sourcing of funding to execute Pay for Performance (P4P) contracts with municipalities in Ontario and eventually throughout North America. With our opportunities in the India, Colombia and Ontario markets, we believe that Clearford is well positioned to execute on our business plan" he continued.
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.
About UV Pure Technologies Inc.
UV Pure Technologies manufactures technically advanced UV water purification systems. The Company has won an Artemis Top 50 Clean Tech Company award, two Frost and Sullivan Best Practices awards, a Canadian Drinking Water Association award for innovation, and is a Going Green Global Top 200 company.
There are currently over 15,000 UV Pure systems in residential, commercial, industrial, public and municipal applications, with flow rates up to 1 million gallons per day. An aerospace version of UV Pure's system is being used by Boeing to purify water on its new 787 Dreamliner.
UV Pure's patented Crossfire Technology® is dramatically advantaged compared to conventional UV systems. Lamps are mounted in air surrounded by elliptical reflectors providing more effective deactivation of pathogens, facilitating easy lamp changes and visual quartz inspection. They are self-cleaning, smart – with multiple sensors and on-board diagnostics guiding maintenance, engineered to be fail-safe, virtually maintenance free, and are plug-in ready for remote monitoring. For more information on UV Pure Technologies, please visit www.uvpure.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.
For further information: Kevin Loiselle, President & CEO, Clearford Water Systems Inc., Phone: (613) 599-6474 ext. 303