OTTAWA, April 12, 2017 /CNW/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), a TSX Venture 50 Company, today announced that it has substantially completed its long-term project debt financing which was previously announced on May 19, 2017.
As previously announced, Sustainable Water Projects Inc. ("SWP") and Clearford have executed a loan agreement providing up to US$5.25 million to be invested by SWP, in tranches. Clearford has now received substantially all the funding available under this loan.
The funding will allow the Company to continue to move forward on its projects and project opportunities in Ontario through the P4P program for municipalities as well as working with certain private developments which will be required to provide its own services under plans of subdivision within the municipalities. The focus of the Company will continue to be municipalities in the Southwestern Ontario corridor which anticipate higher than average population growth to meet the growing demand of affordable housing within commuting distance of Toronto.
"The Clearford One system and the Pay for Performance delivery model continues to gain traction in the Ontario market" said Clearford CEO Kevin Loiselle. "We have seen significant interests in regions outside of Ontario as well and we believe this is a winning formula that has application worldwide. Our international efforts continue to move forward and we expect to commence construction of Phase 2 of the Cayunda project in Colombia in June 2017", he concluded. Phase 2 of the Cayunda project is expected to generate revenue of $1.1 million dollars.
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. (TSXV: 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