OTTAWA, Oct. 19, 2016 /CNW/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), a TSX Venture 50 Company, today announced that it has submitted its bid in response to the Request for Proposal ("RFP") from the Township of Adjala-Tosorontio to provide wastewater servicing for the Town of Everett under a Design, Build, Finance, Operate and Maintain ("DBFOM") Agreement.
The bid was submitted by Clearford, EllisDon Civil Ltd ("EllisDon") and Koester Canada Inc. ("Koester") under the name Everett Millennium Services Group ("EMSG"). EllisDon will be the prime subcontractor on the project while Koester will manufacture and supply the wastewater treatment plant, and provide operations and maintenance services for the project.
EMSG will be funded by way of project finance from funds arranged by Signina Capital AG of Switzerland, an investment firm specialised in water related infrastructure, pursuant to the previously announced funding agreement (see press release dated August 16, 2016), which provides for up to $250 million in capital commitments for Clearford's Pay-4-Performance projects throughout Canada.
Clearford is one of two bidders qualified by the Township through a Request for Expressions of Interest issued by the Township in 2015, to which six parties responded. No date has been set by the Township for selection of the preferred bid for negotiation of final contracts. If EMSG is selected as the preferred bidder, EMSG would enter into contracts with the municipality to design and build the system, and to provide services for 1,366 connections. The Operating and Maintenance term under the proposal is 25 years following completion of construction and commissioning.
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.
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, www.clearford.com