MONTRÉAL, March 2, 2015 /CNW Telbec/ - Ovivo Inc. (Ovivo) announces the sale of its United Kingdom municipal division to Jacopa Limited, a company owned by some members of the local management team.
This sale comes after Ovivo disclosed that it was taking specific actions to divest its non-core water treatment businesses.
"The sale of our United Kingdom municipal division is another important step taken to restructure our operations and focus exclusively on our core water treatment markets, namely the Electronics, the Municipal in North America and the Energy", said Marc Barbeau, President and Chief Executive Officer of Ovivo. "Also, we wanted to ensure a long-term future for all employees of this division. I am confident that the new owner will manage to seize market opportunities that will enable the new company to grow" added Mr. Barbeau.
About Ovivo Inc.
Ovivo Inc. is a global company dedicated to water and wastewater treatment. It offers comprehensive technological solutions, as well as services and equipment tailored to specific client needs. Ovivo operates in over 15 countries with more than 800 employees. Ovivo is a public company whose shares trade on the Toronto Stock Exchange under the ticker symbols OVI.A and OVI.B.
About Jacopa Limited
Jacopa Limited is a newly-created company led by Alex Lloyd, Ovivo's current Vice President, UK Municipal. Jacopa Limited will focus on the United Kingdom and Ireland municipal wastewater sector. It will trade as Jacopa, underlining and consolidating the outstanding reputation and heritage of its leading product range.
Notice regarding forward-looking statements
Certain statements in this press release and other public communications regarding management's objectives, projections, estimates, expectations or forecasts may constitute forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements are recognized by the use of terms such as "forecast," "project," "could," "plan," "aim," "estimate" and other similar terms, possibly used in the future or conditional, particularly with regard to certain assumptions. The management of Ovivo would like to point out that forward looking statements involve a number of uncertainties and known and unknown risks such that the actual and future results of Ovivo could differ considerably from those stated. There can be no assurance as to the materialization of the results, performance or achievements as expressed in or underlying the forward-looking statements. The forward-looking statements included in this press release were made as of the date hereof, and unless required to do so pursuant to applicable securities legislation, management of Ovivo assumes no obligation to update them.
Information about the risk factors to which Ovivo Inc. is exposed is provided under Section 11, "Risks and Uncertainties" in the management's discussion and analysis for the fiscal year ended March 31, 2014 available on SEDAR (www.sedar.com) and the Corporation's website (www.ovivowater.com).
SOURCE Ovivo Inc.
For further information: Marc Barbeau, President and Chief Executive Officer, Tel: + 1 514 2842224; François Dufresne, Chief Financial Officer, Tel.: + 1 514 8427236, [email protected]; Pierre-Marc Sarrazin, Director, Corporate Finance and Treasury, Tel.: 514 284-7208, [email protected]