In c5412 transmitted at 08:41e today, an error occurred in the first sentence of the fourth paragraph. We should have read "...by CFOCanada.ca,..." instead of "...by CFO Canada,...". Corrected follows:
Xebec Adsorption Announces $2M Sale for Hydrogen Purification System and Xebec's Eric Favreau named CFO of the Year
MONTREAL, June 5, 2012 /CNW Telbec/ - Xebec Adsorption Inc. (TSX: XBC) ("Xebec"), a provider of biogas upgrading, natural gas and hydrogen purification solutions for the clean energy market, announced today that it has received a purchase order valued at CAD $2.05M for a H-3200 fast-cycle Pressure Swing Adsorption (PSA) hydrogen purification unit from Deok-Yang Company Ltd., the leading hydrogen supplier in South Korea.
Xebec's H-3200 PSA unit utilizes a fourth generation rotary valve design with nine adsorbent vessels that is uniquely configured in a skid-mounted platform for highest performance. The unit will be designed to produce 6000 Nm3/h of high purity product hydrogen from a hydrogen-rich vent stream from Deok-Yang's chemical plant for hydrogen demands by various local industrial users. The PSA unit will be installed in Yeo-su, South Korea and the expected delivery date is in the first quarter of 2013.
"Deok-Yang has canvassed the marketplace and has chosen the Xebec H-3200 PSA for its cost competitiveness, robust operation, simplicity and high performance. The hydrogen demand in South Korea is about 8.2% of the world demand. South Korea is, without doubt, one of the world's leading green technology countries," said Graham Robson, Vice President Asian/Pacific Operations of Xebec. "We are pleased to cooperate with South Korea's top hydrogen supplier and expect significant growth in this region."
Eric Favreau Named CFO of the Year
The Company is also announcing today that Eric Favreau has been named CFO of the Year by CFOCanada.ca, an exclusive group of social and business networking. The award is given each year to a CFO who makes a tremendous contribution to their organization and the community. Prior recent winners include Robert Blain, CFO of Cirque du Soleil, Louis Philippe Carrière, CFO of Saputo (TSX: SAP), Claude Guévin, ex-CFO of Rona (TSX: RON).
"We are very proud of Eric and the contribution he has made to Xebec and our shareholders since joining our team in such a short period of time," stated Kurt Sorschak, President and CEO of Xebec Adsorption. "Eric has been instrumental in leading our turnaround efforts, restructuring our business and helping lead us towards sustained profitability. Under Eric's guidance and leadership, we were able to enter into a strategic relationship with Air Products, one of the world's largest industrial gas companies. This transaction stabilized Xebec financially through an $8.6M cash infusion and enabled us to retain key intellectual technology surrounding our products. We were fortunate to recruit such a talented individual and look forward to continuing to benefit for many years from Eric's leadership as our CFO."
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global provider of clean energy solutions to corporations and governments looking to reduce their carbon footprints. Xebec designs, engineers and manufactures innovative products that transform raw gases into marketable sources of clean energy. Xebec's strategy is focused on establishing leadership positions in markets where demand for biogas upgrading, natural gas dehydration and hydrogen purification is growing. Headquartered in Montreal (QC), Xebec is a global company with two state-of-the-art manufacturing facilities in Montreal and Shanghai as well as a sales and distribution network in North America and Asia. Xebec trades on the TSX under the symbol XBC. For additional information on the company and its products and services, please visit the Xebec web site at www.xebecinc.com
Caution Concerning Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements within the meaning of applicable securities laws. This forward looking information includes, but is not limited to, the expectations and/or claims of management of Xebec with respect to information regarding the business, operations and financial condition of Xebec. Forward-looking information contained in this press release involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Xebec or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This list is not exhaustive of the factors that may affect forward-looking information contained in this press release. When used in this press release, such statements use such words as "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "will" and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this presentation. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements.
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