EarthFirst Enters Into Agreement to Sell All The Shares of EarthFirst Nuttby Inc.



    
    /NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES WIRE
    SERVICES/
    

    CALGARY, April 21 /CNW/ - EarthFirst Canada Inc. (EarthFirst) (TSX:EF,
EF.WT) announced today that it has entered into a binding agreement with Nova
Scotia Power Incorporated to sell all of the shares (the "Sale") of its wholly
owned-subsidiary, EarthFirst Nuttby Inc. ("Nuttby"). As a result of this
transaction, EarthFirst will receive funds of $800,000, less working capital
and other adjustments.
    The completion of the Sale is subject to, among other customary closing
conditions, approval by the Court of Queen's Bench of Alberta pursuant to
EarthFirst's current proceedings under the Companies Creditors' Arrangement
Act. Application for the approval of the sale is expected to be heard on April
24, 2009, and, assuming court approval is obtained, the completion of the Sale
is expected to occur on or about April 27, 2009.

    Certain statements included in this news release constitute
"forward-looking information" within the meaning of applicable securities
legislation including the timing of the court approval and the timing of the
anticipated completion of the Sale. Such forward-looking information involves
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of EarthFirst to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking information.
    Specifically, some of the material risks include not being able to obtain
the court approval or not being able to meet some or all of the Sale's closing
conditions. In providing such forward-looking information we have made various
assumptions regarding, among other things customary timing of the receipt of
court approval.
    The forward-looking information contained in this news release represents
the expectations of EarthFirst as of April 21, 2009 and, accordingly, is
subject to change after such date. EarthFirst expressly disclaims any
intention or obligation to update or revise forward-looking information,
whether as a result of new information, future events or otherwise, except as
required by applicable law.





For further information:

For further information: Brian Trypka, Chief Restructuring Officer,
EarthFirst Canada Inc., Tel: (403) 513-0780, Toll Free: 1 (877) 513-0777,
E-mail: btrypka@earthfirstcanada.com; Derren Newell, VP, Finance and Chief
Financial Officer, EarthFirst Canada Inc., Tel: (403) 513-0766, Toll Free: 1
(877) 513-0777, E-mail: dnewell@earthfirstcanada.com

Organization Profile

EARTHFIRST CANADA INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890