TSX - V: CNP
SOREL-TRACY, QC, June 26 /CNW Telbec/ -The President and CEO of Conporec
inc. ("Conporec") (TSX Venture Exchange: CNP), Mr. Jean Beaudoin, today
announces that the TSX Venture Exchange (the "Exchange") accepts to postpone
the maturity date of the 8,395,177 warrants issued within the scope of a
private offering on May 27, 2005. After the Exchange's decision, Congébec
Capital Ltd., as an insider and a company controlled by Mr. Laurier Pedneault,
a Conporec Administrator, will only be able to benefit from this postponement
for 839,517 stock purchase warrants of the 4,648,000 it had obtained. The
balance of the warrants owned by Congébec will be cancelled.
The warrants entitle their owner to purchase a common Conporec share for
$0.57 up to June 23, 2008, except if, for ten consecutive days, the Conporec
share closing price at the Exchange is above the exercise price of the
warrants, the holders will have 30 days to exercise their warrants. The 30-day
period will begin seven business days after the end of the tenth day of
negotiation. If applicable, a press release will be issued in order to specify
the right to exercise and the terms and conditions to exercise these warrants.
With the exception of the postponement of the maturity date, the terms and
conditions to exercise these warrants remain the same.
Conporec Inc. develops and operates various patented composting and
sorting technologies for the treatment and recycling of municipal solid waste.
These technologies reduce the need for landfill disposal by treating 100% of
the organic content and achieving a recovery rate of 75% of the original waste
mass. These technologies help reduce greenhouse gases. Conporec successfully
operates a sorting-composting plant in Sorel-Tracy, Quebec, and recently
delivered a second facility (New York State, USA). A third facility is
currently under construction in a suburb of Paris (France) and a fourth will
soon be underway near Perth, Australia. Through Biomax Inc., the Company has
also delivered about thirty different composting facilities that can produce
more than 300,000 tonnes of compost annually. Conporec is a socially
responsible organization listed on the TSX Venture Exchange.
Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties or other factors that may cause actual
results, performance or achievements of the company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements.
The TSX Venture Exchange has not approved the information contained
herein and accepts no responsibility for it, nor the validity of the
For further information:
For further information: Jean Beaudoin, Chairman of the Board and CEO,
Conporec Inc., (450) 746-9996, (418) 527-9996; Frédéric Bérard, HKDP
Communications and Public Affairs, (514) 395-0375, ext. 230; Source: Conporec