GUELPH, ON, June 27, 2016 /CNW/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or "the Company") announces that it has been advised by its major shareholders, Clean Technology Fund I, LP and Clean Technology Fund II, LP, United States based venture capital funds which together hold approximately 59% of the common shares of Biorem (on a fully diluted, as converted basis), that they have entered into an agreement for the disposition of their entire equity holdings in Biorem to TUS Holdings Co. Ltd. ("TUS") (en.tusholdings.com) at a purchase price equivalent to $0.345 per common share. Biorem understands that the sale is subject to certain closing conditions including (i) any approvals required from the TSX Venture Exchange ("TSXV"), (ii) the resignation of Bernardo Llovera from the board of directors of Biorem, (iii) the expansion of the board of directors to five members and (iv) the appointment of two directors nominated by TUS to the board of directors. Biorem is not a party to the transaction and has made an application to TSXV for confirmation that the only approval required from the TSXV in respect of the transaction is the approval of TUS as a new insider of Biorem.
About BIOREM Inc.
BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and more than 1000 installed systems worldwide, BIOREM offers state-of-the-art technology-based products and peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.
SOURCE Biorem Inc.
For further information: Derek Webb, President and Chief Executive Officer, [email protected], Tel: (519) 767-9100 ext. 240; Douglas Newman, Chief Financial Officer, [email protected], Tel: (519) 767-9100 ext. 287