OTTAWA, July 8, 2014 /CNW/ - Clearford Water Systems Inc., (TSXV: CLI), today announced that it has entered into a $600,000 short-term financing arrangement.
The C$600,000 loan is secured by a loan receivable held by its subsidiary, Clearford Finance Corporation. The loan bears an interest rate of 12% per annum and may be repaid in whole at any time. The maturity date of the loan is March 31, 2015. Pursuant to the loan agreement, Clearford Finance Corporation has assigned its loan receivable, including future interest receipts that will be used by the lender to service the debt costs.
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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, SBS® ClearConvey™ small bore sewer, and ClearRecover™. 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 managements 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 Industries Inc.
For further information: Sharilyn McNaughton, Clearford Water Systems Inc., Phone: (613) 762-8402, www.clearford.com