OTTAWA, March 1, 2016 /CNW Telbec/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), a provider of unified water management and sanitation systems, today announced that it has started construction of Phase Two of its Cayunda project through its wholly owned subsidiary in Colombia.
Under the terms of the agreement with the developer, Clearford will begin construction this month of the second of three phases in Cayunda to deliver additional services with its Clearford OneTM system. The value of Phase Two is approximately $250,000 and is expected to be completed by the end of the Company's third quarter in 2016. Phase Two includes adding servicing for 25 new homes to the existing 45 homes and adding servicing to the event areas within the development. Phase three will add the final 45 homes to complete the development of 115 houses.
The Bosques de Granada y Cayunda (www.bosquesdegranadaycayunda.com) is a luxury development located on the western slope of the valley of the Teusaca River, 26 km from Bogota. The development is a green community designed to have minimum environmental impact, with 70% of the community covered by native forest. Unique aspects of the project include complete recycling of all waste water and harvesting of rain water to augment fresh water supply.
Clearford completed the servicing of Phase One, a $1.3 million contract, in 2014. The project includes a Clearford OneTM system with a structured wetland as the ClearRecoveryTM component, potable and reuse water distribution networks, and storm water management networks and related infrastructure.
"We are pleased to report the start of the second phase of this project which allows Clearford to demonstrate the flexibility of phased installation of the Clearford One™ system with new developments", said Kevin Loiselle, President and CEO of Clearford. "The results of our system performance in Phase One has proven the viability of our system in international markets. In addition to Colombia, Clearford is in the process of completing its first full installation in Jambudiyapura, India which is expected to be commissioned by the end of March of this year and is expected to generate future contracts in India as customers will be able to visit a village fully serviced by our Clearford OneTM system."
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About Clearford Water Systems Inc.
Clearford Water Systems Inc. a 2016 TSX Venture 50 company (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 additional information about Clearford Water Systems, please visit www.clearford.com
"The TSX Venture 50TM are the top 10 companies listed on the TSX Venture Exchange, in each of five major industry sectors – mining, oil & gas, clean technology & life sciences, diversified industries and technology – based on a ranking formula with equal weighting given to return on investment, market cap growth, trading volume and analyst coverage. All data was as of December 31, 2015."
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