OTTAWA, Oct. 6, 2017 /CNW/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), a TSX Venture 50 Company, today announced that it has signed extension agreements with its Convertible Debenture Holders and received TSX Venture exchange final approval of the amended terms and conditions of its convertible debentures that were originally issued in August 2015.
The convertible debenture, which originally matured on August 5, 2017 and was subject to a forbearance agreement until October 2, 2017, has been amended to extend the maturity date until August 5, 2020. As part of the amendment, the conversion price was reduced from the current $0.55 to $0.20 to reflect the current trading value of the Company.
The Company currently has 87,542,391 issued and outstanding common shares. With the amendment to the Convertible Debenture Conversion Price, the Company now has 113,297,391 shares on a fully diluted basis.
Kevin Loiselle, President & CEO of Clearford, also announced progress on a number of Ontario projects. "We are pleased to see construction of our Clearford collection network beginning in the City of Ottawa at the Carp Airport by West Capital Development, and that progress is well underway in the City of Quinte West at the Prince Edward Estates Subdivision. Both of these projects relate to contracts signed with the customers in previous fiscal years," he said.
Mr. Loiselle also cited the commissioning and start of operation of a Clearford small bore sewer (SBS®) system at the Lakepoint Village development in Ramara Township, and preparations for servicing in Phases 2 and 3 of the White Tail Ridge Subdivision in the Town of Mississippi Mills as further evidence of Clearford's acceptance as a water solutions provider in the Ontario market.
"Recent monitoring completed for the SBS system at White Tail Ridge Phase 1 clearly shows that the performance of Clearford's technology has met all expectations and has required no special maintenance in over 5 years of operation. Developers and communities across Ontario can expect these same high quality results using a Clearford One® system as their servicing alternative," he concluded.
Upon the completion and commissioning of these new systems, Clearford will have 10 collection networks or Clearford One systems in operation in Ontario with the oldest installation in Field operating for almost 30 years since it was installed in 1989 under a government-funded pilot program.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Clearford Water Systems Inc.
Clearford Water Systems Inc. (TSX-V: CLI) is a provider of unified water management and sanitation systems based on Clearford One®. Clearford One® is a proprietary system comprised of ClearDigest® smart digester, ClearConvey® small bore sewer (SBS®), and ClearRecover® final treatment facility. For more information on Clearford Water Systems, please visit www.clearford.com.
Forward Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to the Company and its management. Forward-looking statements are not historical facts but represent management's current expectation of future events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues" and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this news release, Clearford will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities law, the Company assumes no obligation to update or revise any forward looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: industry cyclicality; the ability to secure third party agreements; successful integration of Clearford's system with third party technology; competition; reduction in demand for products; collection from customers; relationships with suppliers; product liability; intellectual property; reliance on key personnel; environmental; interest rates; uninsured and underinsured losses; operating hazards; risks of future legal proceedings; income tax matters; credit facilities; availability and terms of financing; distribution of securities; restrictions on potential growth; effect of market interest rates on price of securities; and potential dilution.
SOURCE Clearford Water Systems Inc.
For further information: Kevin Loiselle, President & CEO, Clearford Water Systems Inc., Phone: (613) 599-6474 ext. 303, www.clearford.com