OTTAWA, June 22, 2017 /CNW/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), today announced the results of voting at its Annual Special and General Meeting of Shareholders ("AGM"), held on June 21, 2017 in Ottawa.
The Shareholders re-elected the 5 incumbent Directors included on the ballot. As previously announced Mr. Rod Bryden, did not run for re-election to the Board. He will be replaced as Chairman by Mr. Kevin Loiselle, the Company's President and CEO.
"We now recognize that full control of all aspects of delivering the Clearford One solution is required for the long-term success of the company" said CEO Kevin Loiselle "Clearford will now provide Operations and Maintenance services as well as water and wastewater treatment plant fabrication" he continued, "we will secure the capacity to deliver these previously subcontracted services through a series of acquisitions. We are in discussions with relevant acquisition targets and have a verbal commitment for funding the execution of this new strategic acquisition business plan, which will be subject to due diligence and entering into letters of intent. Our intention is to complete the first transaction before the end of this fiscal year. The Company will provide additional updates as required under the continuous disclosure requirements for TSX-V listed companies" he concluded.
Additionally, the disinterested shareholders of the Company voted in favour of providing stock options in its subsidiary, UV Pure Technologies Inc. (UV Pure), to its two senior executives in UV Pure. The options will be issued following final TSX-V approval. The Company will issue 300,000 UV Pure options to the President and CEO of UV Pure and 180,000 UV Pure options to its Vice President of Finance and Operations. As this transaction is considered to be a disposition of assets in the Company to a related party, the transaction is considered to be a reviewable transaction under the rules governing TSX Venture listed companies. Additionally, as UV Pure is a non-listed private company, the determination of inputs required to calculate the fair value of the company for the purposes of issuing the options is subjective.
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, 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