OTTAWA, Oct. 16, 2013 /CNW/ - Clearford Industries Inc. ("Clearford" or the "Company",TSXV: CLI) today announced that it will issue treasury shares to its Directors as payment for services undertaken over the past year.
"As a means to preserve its working capital cashflow, the Board of Directors have agreed to take a portion of their outstanding Director's fees in cash", commented Clearford President and CEO Kevin Loiselle.
As a result of this transaction, the Company will issue 1,624,286 common shares at $0.125 per share out of treasury. Following this issuance the Company will have 67,471,836 issued and outstanding common shares and 111,718,529 common shares on a fully diluted basis. This transaction will not result in any new controlling shareholder of the Company. The transaction is subject to TSX Venture Exchange approval.
The Company also announced the resignations of Mr. John Kelly and Mr. Bruce Linton from its Board of Directors as well as the addition to the Board of Mr. Kevin Loiselle, President and CEO effective immediately. "We thank John and Bruce for their contributions to Clearford, both as former CEO and as Director, and we look forward to the contribution as a Director of our President and CEO Kevin Loiselle" said Board Chairman Rod Bryden.
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 water infrastructure company that provides holistic solutions for all aspects of water delivery, management, treatment and recycling. Clearford acts as a system integrator and core solution provider in order to deliver end-to-end water management for established and new communities. Clearford partners with leading edge water treatment providers and local constructors to deliver projects that integrate the Clearford patented SBS® waste water collection system with potable water treatment & supply, waste water treatment & recycling, and storm water management & fire suppression systems.
The Clearford SBS® System is a patented watertight small diameter solids-free wastewater collection system that provides servicing with superior operational and environmental performance at a lower installation & operational cost compared to other sewer systems.
Clearford currently has systems installed or under construction in Canada, Colombia, Peru and India.
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.
For further information:
Clearford Industries Inc.
Phone: (613) 762-8402