GUELPH, ON, Oct. 24 /CNW/ - BIOREM Inc. (TSXV: BRM) wishes to clarify
that on May 6, 2008, the shareholders of Biorem Inc. ("Biorem") elected Mr.
Steve Ardia as a director of the Corporation. While Mr. Ardia's position as a
member of Biorem's advisory committee had previously been announced on March
1, 2007 and the Board's intention to nominate Mr. Ardia to the Board was set
in the management information circular dated April 18, 2007, and his
nomination to the Board was set out in the Circular dated March 24, 2008, the
Company inadvertently failed to issue a press release with respect to his
election as a director.
In a business career spanning over 35 years, Mr. Ardia was CEO of Goulds
Pumps, a NYSE traded company, from 1985 to 1994, after serving the company in
a variety of executive positions for over 20 years. He is currently Chairman
of the Board of Earth Tool Company and a partner with Champlain Capital
Partners, a private equity fund. Mr. Ardia holds an engineering degree from
the United States Merchant Marine Academy and an MBA from Rutgers University.
About BIOREM Inc.
BIOREM manufactures Biosorbens(R) biofilter media and is a leading
supplier of biofilters for air pollution control in municipal and industrial
applications, including BIOCUBE(R) modular units and Mytilus(R) biotrickling
filters. With over 500 installed systems and over a decade of experience, the
Company's products are the technology of choice for odor control at wastewater
treatment plants across North America. Additional information on BIOREM is
also available at our web site at www.biorem.biz.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The TSX
Venture Exchange Inc. has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved of the
contents of this release.
This press release contains forward-looking statements based on current
expectations. These forward-looking statements contain various risks and
uncertainties that could cause actual results to differ materially from those
reflected in the forward-looking statements. Risks and uncertainties about the
Company's business are more fully discussed in the disclosure materials,
financial statements and MD&A filed with the securities regulatory authorities
in Canada on www.sedar.com
"EBITDA", "Order Bookings", and "Order Backlog" do not have any
standardized meaning prescribed by Canadian generally accepted accounting
principles ("GAAP") and may not be comparable to measures presented by other
EBITDA is used to denote earnings (loss) from operations and represents
earnings before interest, income taxes, depreciation and amortization. EBITDA
should not be construed as a substitute for net income determined in
accordance with GAAP. This measure is important to the Company since it is
used by potential investors and lenders to evaluate the ongoing cash
generating capability of the Company and thus the amounts they are willing to
invest and lend to the Company.
Order Bookings and Order Backlog are non-GAAP measures that the Company
uses to evaluate its sales performance. Order Bookings are those binding
contracts that the Company enters into with a third party for the delivery of
our products or services. As Order Bookings are received, the contract value
(before any associated sales taxes) is included in the Order Backlog. The
Order Backlog is reduced by the revenue that is recognized on each project.
For further information:
For further information: Ed Corbett, Chief Financial Officer, BIOREM
Inc., firstname.lastname@example.org, Tel: (519) 767-9100 x275