MONTREAL, Sept. 12 /CNW/ - TORR Canada Inc. (TSX: TOR) ("TCI" or "the
Company"), dedicated to providing water treatment to the Oil & Gas industry,
today announced that it has filed its Notice of Special Meeting and Proxy
Circular with the relevant Canadian securities authorities in preparation for
the special shareholder meeting to be held on Wednesday, October 10th, 2007.
At the special meeting, holders of common shares of TCI registered at the
close of business on August 17, 2007 will be asked to vote on a resolution to
approve the issuance of up to an aggregate of 16,419,545 common shares of TCI
to Hitec Vision Private Equity III AS and Statoil Innovation AS in connection
with the Share Sale and Purchase Agreement dated July 30, 2007 relating to the
proposed acquisition by TCI of Pure Group AS ("Pure Group"). Shareholders will
also be asked to vote on the issuance of up to an aggregate of 500,000 common
shares of TCI as incentives to certain key employees of Pure Group,
conditional upon the employees still being in the employ of Pure Group on
certain specific dates to be determined by the board of directors of TCI.
The Notice of Special Meeting and Proxy Circular will be mailed to
shareholders shortly. A copy is also available on the company's website. The
document provides important information relating to the proposed issuance of
common shares and acquisition as well as with respect to voting procedures.
Special shareholder meeting
Time: October 10, 2007
at 11:00 a.m. (Eastern time)
Place: Le Nouvel Hotel
1740 René-Lévesque Blvd West
About TORR Canada Inc.
TCI is dedicated to providing water treatment solutions to the oil and
gas industry. TCI designs, develops, manufactures and commercializes the
TORR(TM) and Reusable Petroleum Absorbent ("RPA(R)") cartridge technologies to
separate oil and water in produced water generated by oil and gas production.
For more information, please visit www.torrcanada.com.
Caution concerning forward-looking statements
This press release contains forward-looking statements. Such statements
inherently involve numerous risks and uncertainties. Actual future results may
differ from the anticipated results expressed in the forward-looking
statements contained in this press release and TCI does not undertake to
update this information. Investors are cautioned against placing undue
importance on forward-looking information contained herein and should consult
the final short form prospectus and the documents incorporated by reference
therein, which contain a more exhaustive analysis of risks and uncertainties
connected to TCI's business.
For further information:
For further information: TORR Canada Inc., Jacques L. Drouin, Senior
Vice-President & CFO, (514) 522-5550, ext. 226, email@example.com; The
Equicom Group Inc., Eric Bouchard, (514) 844-7997, firstname.lastname@example.org