GUELPH, ON, Jan. 19, 2017 /CNW/ - BIOREM Inc. (TSX-V: BRM) ("Biorem" or "the Company") announced today that the sale of securities previously announced on June 24, 2016 by its major shareholders, Clean Technology Fund I, LP and Clean Technology Fund II, LP, United States based venture capital funds to TPFG Environment Investment Limited ("TUS") (en.tusholdings.com), has closed.
The two US funds together hold approximately 59% of the common shares of Biorem on a fully diluted, as converted basis. The transaction was completed at a purchase price equivalent to $0.345 per common share. In connection with the closing, TUS has converted the convertible debentures which it acquired and exercised the share purchase warrants which it acquired resulting in TUS owning 23,434,121 common shares of Biorem or approximately 65.6% of the total issued and outstanding Biorem common shares. As of today's date, all of Biorem's Series I 2012 and Series II 2012 convertible debentures have been converted into common shares. The conversion of the debentures, together with the final payment on December 30, 2016 on the Company's other outstanding debenture results in the Company being free of any funded debt.
"Management is excited at the opportunity that this strategic investor brings for the Company", said Derek S. Webb, President and CEO. "Access to international markets has historically provided options for growth, and this transaction now provides us with greater access to China, the largest environmental opportunity available".
"The TUS Holdings Group (headquartered in Beijing) represents a diverse set of companies engaged in the water, wastewater, solid waste and renewable energy sectors, with approximately $30B in assets. Their brand for quality, reliability and innovation will have a positive impact on our ability to further penetrate the Chinese and Asian markets and leads to tremendous opportunity for accelerated growth in 2017."
Mr. Bernardo Llovera, representing the Clean Technology Funds I and II has resigned from the board of directors. Mr. Llovera has been a board member of Biorem for over twelve years. His dedicated service and unrelenting support has been instrumental in shaping and expanding the company into the multinational leader in air pollution control of today. The board and management express sincere appreciation for his enthusiastic and collegial contributions.
As of January 18, 2017, Ms. Sandy Ding and Mr. Qing Zhao of Tus Holdings Group have been appointed as directors of the Corporation.
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