OTTAWA, June 19, 2014 /CNW/ - Clearford Industries Inc. ("Clearford" or the "Company"), (TSXV:CLI), held its annual meeting of shareholders in Ottawa Today.
At the meeting, shareholders re-elected its Board of Directors and approved the appointment of Deloitte LLP as its auditor. Shareholders also approved a change in the Company's name to Clearford Water Systems Inc.. The company intends to make the necessary filings in the coming days for an effective date of July 1st. The name change is subject to approval of the TSX Venture Exchange.
The name Clearford Water Systems reflects the business focus based on Clearford One™, the unified sanitation system comprised of ClearDigest™, SBS® ClearConvey™ and ClearRecover™. Clearford One™ supports recovery of treated water for reuse in toilets and other non-contact applications and the sealed system allows potable water and other services to be installed in a common channel with ClearConvey™. The now completed system for a new community in Cayunda, Colombia and the recently announced contract to deliver and operate the water and sanitation system for Fetherston, Ontario represent the focus of Clearford Water Systems.
Clearford One™ is being well received in Ontario for servicing smaller towns now using septic tanks and for residential developments that are outside convenient connection to established water and sewage systems, including resort communities, subdivisions and mobile home and recreational vehicle parks. Several such opportunities are now in discussion reflecting the Fetherston model of full water and wastewater services.
The greatest demand and most immediate response are in countries where significant portions of the population are without sanitation services. India is the leading example of this demand. Several projects for Clearford One™ are now in advanced stages of discussion with potential customers.
Through the support of the Export Development Corporation of Canada and the Canadian Trade Commission in India, Clearford had opportunities to present Clearford One™ to the World Bank and large infrastructure funds in India to assist in the deployment of meeting the water and wastewater needs of Indian rural communities.
Clearford is currently in discussions to install Clearford One™ in a rural village in the state of Jharkand under the World Bank's Rural Water Supply & Sanitation (RWSS - LIS) program. This RWSS program is aUS$1 billion water and sanitation program undertaken by the Bank and the Government of India targeted to support water and sanitation delivery in rural areas of four states. Many of these communities are located in areas of water scarcity. Use of traditional sewage collection and treatment systems is impractical in these areas. Clearford One™ is designed to perform in water scarce situations and Clearford is optimistic that current discussions with World Bank and Indian officials will result in installation of the system under the RWSS program. However, No agreements have yet been concluded for delivery of Clearford One™ in India.
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 Industries Inc.
Clearford Industries Inc. (TSX-V: CLI) is a provider of unified water management and sanitation systems. Clearford One™ is based on Clearford's proprietary ClearDigest™ smart digester, SBS® ClearConvey™ small bore sewer, and ClearRecover™ treatment facilities customized to meet the requirements of each location. For more information on Clearford, 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 managements 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 Industries Inc.
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Clearford Industries Inc.
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