OTTAWA, June 23, 2016 /CNW/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), a TSX Venture 50 Company, today summarized the Annual General Meeting of Shareholders held in Ottawa on Monday June 21st.
The Chief Executive Officer presented highlights of key milestones achieved in 2015: "2015 was a significant year for Clearford as we rolled out our completed and enhanced Clearford One™ product", said CEO Kevin Loiselle. The commencement of construction and subsequent commissioning of operational Clearford One™ systems in Ontario and India have positioned Clearford for substantial growth" he continued. "Reaching the final stages of a competitive process to install our cost effective system on a municipal scale in Ontario using our Pay for Performance (P4P™) delivery model should put us on a significant growth trajectory" he concluded.
Clearford Key Corporate Milestones reached in 2015:
- Launch of $100 million fund for Pay for Performance (P4P™) financing and delivery model of Clearford One™ for Ontario municipalities
- MOU signed with Gujarat Water Supply & Sewage Board to form strategic partnership to bring Clearford One™ to the state of Gujarat, India
- Signed contract with Gujarat Road & Infrastructure Company, a subsidiary of IL&FS, to install the first Clearford One™ system in a tribal village in Gujarat
- Submit response to Request for Expression of Interest to Design, Build Finance, Operate & Maintain communal wastewater system for the Town of Everett, Adjala-Tosorontio
- Clearford selected as one of two qualified respondents to Everett Expression of Interest to Design, Build Finance, Operate & Maintain communal wastewater system for the Town of Everett, Adjala-Tosorontio
- Commence construction of first Clearford One™ system in Ontario at Fetherston Park, North Grenville
Clearford Key Corporate Milestones reached since year end 2015:
- First Clearford One™ site in Ontario at Fetherston Park is commissioned
- Clearford signs a strategic partnership Memorandum Of Understanding with Essel Group Pvt. Ltd. to deliver Clearford One™ systems in India
- Clearford ranked in top ten Clean Technology & Life Sciences Sector on the TSX Venture Exchange
- First Clearford One™ site in Ontario at Fetherston is fully operational and meets all Ontario Ministry of Environment and Climate Change compliance criteria
- Commence construction of Phase 2 of successful Cayunda project in Colombia
- Clearford's P4P™ financing model wins Corporate innovation award at Ontario Onsite Wastewater Association conference
- Clearford commissions first Clearford One™ system, including toilet and shower blocks, in Gujarat India
"Clearford has devoted a decade to creating and building a performance record for a wastewater collection and treatment system that is much lower in capital and operating costs and superior in environmental performance. Clearford One™ now positions Clearford to gain a meaningful share of this dynamic market" Mr. Loiselle said.
Shareholders gave approval to the amended Employee Stock Option Plan, increasing the maximum number of options in the pool by 4,339,328 to 17,508,478. Stock options granted to insiders at $0.50 per share on November 12th, 2015 were also approved by a vote of disinterested shareholders. Currently, there are 12,227,186 stock options granted to employees and insiders of the Company.
The Company currently has 87,542,391 issued and outstanding shares and 106,335,031 shares on a fully diluted basis.
As previously announced, the Company entered into a US$5.25 million project-linked loan agreement (the "Loan") with Sustainable Water Projects Inc. ("SWP"), including an option to acquire, consolidate and restructure Clearford's existing long-term debt in the aggregate principal amount of C$18.25 million (the "Debt") from the Debt holder, including the postponement of interest payments due on the Debt until June 30, 2016 (the "Closing Date"). On June 22, 2016, the Company, SWP and the Debt holder agreed to extend the Closing Date, including the postponement of interest payments, until August 15, 2016. The Loan is made in tranches, the first of which in the amount of US$500,000 was already received by the Company.
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 .
About UV Pure Technologies Inc.
UV Pure Technologies manufactures technically advanced UV water purification systems. The Company has won an Artemis Top 50 Clean Tech Company award, two Frost and Sullivan Best Practices awards, a Canadian Drinking Water Association award for innovation, and is a Going Green Global Top 200 company.
There are currently over 15,000 UV Pure systems in residential, commercial, industrial, public and municipal applications, with flow rates up to 1 million gallons per day. An aerospace version of UV Pure's system is being used by Boeing to purify water on its new 787 Dreamliner.
UV Pure's patented Crossfire Technology® is dramatically advantaged compared to conventional UV systems. Lamps are mounted in air surrounded by elliptical reflectors providing more effective deactivation of pathogens, facilitating easy lamp changes and visual quartz inspection. They are self-cleaning, smart – with multiple sensors and on-board diagnostics guiding maintenance, engineered to be fail-safe, virtually maintenance free, and are plug-in ready for remote monitoring. For more information on UV Pure Technologies, please visit www.uvpure.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