OTTAWA, July 26, 2012 /CNW/ - Clearford Industries Inc. ("Clearford" or the "Company",TSXV: CLI) today announced that Clearford India Private Ltd, its wholly owned subsidiary has signed an implementation agreement with Lakepoint Builders Pvt. Ltd. ("Lakepoint"), a subsidiary of the Hiranandani Group, for the first site for the Clearford system in India. As a term of the agreement it is expected that construction shall commence within 30 days.
The development, The Villas at Devanahalli (www.hiranandaniupscale.com) is a luxury development in Bengaluru, which is a suburb of Bangalore, in southern India. This agreement covers the implementation of a wastewater collection system for Phase I of the development which includes 121 villas and cottages, a 140 unit apartment building, a shopping complex and a club house. Phase I represents approximately 25% of the planned development size. The initial contract is an important step in Clearford's marketing strategy to launch its solution in the India market place.
The Hiranandani selection process for its development was a rigorous process which required Clearford to demonstrate a capital cost savings in comparison to the traditional sewer collection and treatment methods while at the same time demonstrating an ongoing superior operating cost model.
Mr. Surendra Hiranandani, CEO and founder of Hiranandani Group stated "My team and I have aggressively reviewed the Clearford solution, including a site visit to one of their reference sites in Canada, and we are certain this system is both ideal for our project and India at large." Mr. Hiranandani further stated "I am proud to be introducing the Clearford system to India and look forward to working with Clearford to implement the system on my projects, with other developers and in the municipal setting."
Mr. Bruce Linton, CEO of Clearford said "India is a priority market for Clearford as it has both a booming residential development sector and a major government priority on servicing existing communities. More than 600,000,000 people require sustainable sanitary infrastructure in India." Commenting on Clearford's approach to the Indian market Mr. Linton continued "In India, as in other countries, we seek a private developer that has the vision required to implement superior solutions and through the first project can enable Clearford to demonstrate the many advantages of our system to both the private and public sector. With Hiranandani we have found that leadership and we look forward to implementing our system in Bangalore and exploring further business opportunities in south India. Clearford and our partners recognize that India represents a significant opportunity."
Mr. Kevin Loiselle, President and COO of Clearford said "The initial contract is an important step in Clearford's marketing strategy to launch its solution in the India market place." The value of this initial contract is approximately R1.4 Crores or C$250,000.
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About Clearford Industries Inc.
Clearford Industries Inc. (TSX-V: CLI) is the developer of the patented Small Bore Sewer ™ (SBS™) based solution, which enables the efficient collection and treatment of sewage. Its superior operational and environmental performance is achieved at a significantly lower operational cost when compared to historic gravity sewers. Clearford's SBS™ technology and industry expertise provide the enabling platform to deliver on a global basis, a turnkey, wastewater collection and treatment solution that is ideally suited for; water-scarce regions, communities with unreliable water distribution networks, and new developments seeking a greener approach to full water and wastewater management. 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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