OTTAWA, Feb. 22, 2017 /CNW/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), a TSX Venture 50 Company, today updated the status of the Everett RFP (see Press Release October 19th, 2016) and the market position of the Company's waste water collection and treatment system, Clearford One™ and service offering Pay for Performance (P4P™).
Kevin Loiselle, Clearford CEO said "competition between Clearford One™ and a conventional system in response to a Request for Proposals (RFP) by an Ontario Municipality has confirmed the expected very significant cost advantage for Clearford One™ combined capital, operating and maintenance costs over 25 years".
A report publicly presented to the Council of the Township of Adjala-Tosorontio (the "Township") showed Clearford One™ cost under a 25 year P4P™ service agreement to be significantly lower in annual cost per connection than the conventional system. It is also important that the zero infiltration Clearford One™ system reduces total flow to the treatment plant by more than 25% resulting in a smaller treatment plant and reduced flow of treated effluent into the receiving body of water.
"These cost and performance advantages are as we expected, but it is very significant that they have been demonstrated for an Ontario Municipality in a public competitive process" Mr. Loiselle said.
At its meeting on February 14th Council debated a recommendation that contract negotiations proceed with Clearford. Council determined that costs of both bids were unacceptable and the RFP was cancelled.
New residential developments have been approved in the Township. These developments will require waste water collection and treatment systems for development to proceed. This pattern of development is common across Ontario and in many other areas of North America. Clearford is confident that Clearford One™ will deliver superior environmental and operating performance at a cost significantly lower than a conventional system. The P4P™ service option provides long term operation and maintenance of the system at a fixed price adjusted only for inflation. Municipalities that assume responsibility following installation of waste water collection and treatment systems can choose P4P™, reducing the risks assumed by Municipalities.
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. (TSXV: 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