CALGARY, July 8, 2016 /CNW/ - Alberta based EmberClear Corp. (the "Company") announced that the Court of Queen's Bench of Alberta has duly approved a proposal under the Bankruptcy and Insolvency Act (the "Proposal") upon application of its Trustee, Ernst & Young Inc. The Proposal allows the Company to wind up its operations and transfer assets to Houston based Ember Partners LP ("Ember Partners"), an entity organized by the Company's current management. All creditors will, within 60 days, receive either cash or a note payable, if duly elected, in the amount set out in the Proposal.
The Company's shares were listed on the TSX Venture Exchange (TSXV: EMB) since December 2010. In June 2015, the Company defaulted on its $6,842,000 senior convertible unsecured debentures and failed to file financial statements with the applicable securities regulatory authorities, and its shares were subsequently delisted in 2015.
"Filing the Proposal was a very difficult step but ultimately it was done with the creditors in mind. The plan will allow the Company's business to continue to operate under the leadership of Ember Partners,while retaining our integral employees and contracts" said David Anderson, CEO of the Company.
After the transition, Mr. Anderson will continue to manage Ember Partners as its Managing Director.
About Ember Partners LP (Ember Partners)
Ember Partners is an energy developer focused on low emission commercial scale projects primarily in North America. Developing facilities using natural gas as inputs to create electricity or transportation fuels characterizes our plants. We utilize our proven expertise in permitting, site control and engineering feasibility to develop projects that are sold to investors interested in purchasing, constructing and operating such energy projects. Ember Partners is developing gas to liquids (GTL) and gas to power (NGCC) generating facilities in North America. Our NGCC Projects benefit from a favorable geographic location that offers access to abundant natural gas reserves and a power market that is served primarily by older, coal fired, electric generation facilities, expected to be phased out over time. Ember Partners also holds surface and mineral rights in Schuylkill County, Pennsylvania. For more information, please visit www.emberclear.com
SOURCE Ember Partners L.P.
For further information: David G. Anderson, CEO, +1 (281) 657-3310