OMNI Conversion Technologies Inc.: Sale and Investment Solicitation Process

TORONTO, Dec. 6, 2024 /CNW/ - OMNI Conversion Technologies Inc. (OMNI), a clean energy technology company, announces the commencement of a sale and investment solicitation process (SISP) in respect of the business, assets, and undertakings of OMNI (collectively, the Business). OMNI manufactures the proprietary Omni200 Gasification and Plasma Refining System, a waste-to-value gasification system designed to convert any solid energetic material into clean energy, including hydrogen, renewable natural gas, and sustainable aviation fuel. The SISP will be conducted by Grant Thornton Limited (GTL) in its capacity as proposal trustee (in such capacity, the Proposal Trustee), with the assistance of OMNI.

The SISP will be conducted in the context of the Company's Notice of Intention to make a Proposal proceedings (NOI) wherein the Ontario Superior Court of Justice (Commercial List) (the Court) issued on November 29, 2024 an order authorizing the Proposal Trustee, in conjunction with the Company, to undertake a SISP for the sale of OMNI's business.

The SISP is intended to solicit interest in and opportunities for a sale of, or investment in, all or part of the Company's Business. This may include one or more of a restructuring, recapitalization, or other form of reorganization of the business and affairs of all or part of the Company as a going concern, or a sale of all, substantially all, or a portion of the Company's Business as a going concern or otherwise. 

Interested parties who wish to submit a bid must deliver a non-binding letter of intent to the Proposal Trustee in accordance with the SISP by no later than 5:00 p.m. Eastern Standard Time on January 17, 2025 (the Phase I Bid Deadline). The Proposal Trustee and the Company will assess the letters of intent received on or before the Phase I Bid Deadline and may proceed to a second phase of the process (Phase 2) or alternatively, proceed to negotiate definitive transaction documentation with a bidder or terminate the SISP. Should the SISP proceed to Phase 2, qualified bidders will be notified. Any transaction will be subject to the approval of the Court.

A copy of the SISP, and other relevant documentation relating to the NOI are available on the Proposal Trustee's website: www.DoaneGrantThornton.ca/OMNI. Any party interested in participating in the SISP can find a copy of the solicitation letter and non-disclosure agreement (NDA) on the Proposal Trustee's website, and may gain access to due diligence materials and the confidential information memorandum by executing the NDA and emailing it to [email protected], subject line "OMNI NDA – Bidder Name".

About Grant Thornton Limited

Grant Thornton Limited, Licensed Insolvency Trustees, is one of the largest bankruptcy, insolvency, and restructuring service firms in Canada. The debt professionals at Grant Thornton are passionate about making a difference for their clients, colleagues, and communities. Grant Thornton Limited is a Canadian member of Grant Thornton International Ltd. We have offices conveniently located across Canada, and offer a full range of debt help services for the audit, tax, and advisory firm, Doane Grant Thornton LLP. 

About Doane Grant Thornton LLP

Doane Grant Thornton LLP is a leading Canadian accounting and business advisory firm providing accounting, assurance, tax, and advisory services to private and public organizations. We help dynamic organizations unlock their potential for growth by providing meaningful, actionable advice through a broad range of services. Doane Grant Thornton LLP is a Canadian member of Grant Thornton International Ltd, whose member and correspondent firms operate in more than 130 countries worldwide. A listing of Doane Grant Thornton offices and contact information can be found at: www.DoaneGrantThornton.ca. 

SOURCE Grant Thornton Limited

Media contact: Lindsay Barnes, Email: [email protected], tel [phone]