TORONTO, July 24, 2014 /CNW/ - EnviroMatrix Technologies Inc. ("ETI"), holding not less than 5% of the issued and outstanding voting shares of Process Capital Corporation (the "Corporation") requested the current directors of the Corporation to call a special meeting of the shareholders of the Corporation. As the existing Board failed to call the meeting as requested, ETI has called the meeting in the best interests of the shareholders of the Corporation. The special meeting of the shareholders of the Corporation will be held on Thursday August 14, 2014 at 2pm at Sandman Signature Toronto Airport Hotel, 55 Reading Court, Toronto, ON, M9W 7K7.
Shareholders of record as of July 14, 2014 will be entitled to vote on the election of directors, appointment of auditors, to ratify and confirm all previous acts, contracts, by-laws, proceedings, appointments and payments made and all other actions taken to date by the directors and officers of the Corporation, except any actionable misrepresentations made regarding the Corporation or its subsidiaries, and to transact such other business as may properly be brought before the Meeting or any adjournment thereof. The shareholders must also agree to hold the meeting outside of Alberta, where the Corporation is incorporated.
An information circular and proxy dated July 14, 2014 is being forwarded to shareholders of record. Shareholders who do not receive a circular and proxy may contact Magaly Bianchini at [email protected]. The Circular with respect to the meeting is available at www.sedar.com.
About Process Capital Corporation and EnviroMatrix Technologies Inc.
Process Capital Corporation ("POR") is an environmental technology investment company that was listed on the TSX Venture Exchange. POR operated through its operating subsidiaries Advanced Process Fuels Inc. and 941037 Ontario Limited was in the business of selling, designing and building waste oil micro-refineries, which convert waste crankcase oil to diesel fuel, industrial burner fuel, process gas, naphtha, and coke. Currently these subsidiaries are inactive. The Corporation's common shares are not listed on any recognized stock exchange. The Corporation faced severe financial difficulties in 2010 as its ability to fund its operations ceased. The Corporation does not currently carry on any active business. On May 9, 2012, the British Columbia Securities issued a cease trade order as a result of the failure to file certain required financial statements, followed soon after by cease trade orders from the securities commissions of Alberta and Ontario. Trading in the Corporation's shares on TSX-V was suspended at the same time.
To date, POR has not earned significant revenue and has experienced significant operating losses and negative cash flows and has a working capital deficit at December 31, 2010 of $4,221,085 (2009 - $2,667,938). The Corporation has relied primarily on the support of its shareholders, lenders and on the issuance of share capital to continue its operations. EnviroMatrix Technologies Inc. ("ETI") is the beneficial owner of approximately 51.4% of the issued and outstanding shares of POR. ETI called the meeting to restructure the Board, which will replace the senior management of POR, with a view to capitalizing on POR's technology and to appoint MNP LLP as auditors of POR.
ON BEHALF OF THE BOARD OF DIRECTORS OF ENVIROMATRIX TECHNOLOGIES INC.:
Magaly Bianchini, President and Director
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
SOURCE: EnviroMatrix Technologies Inc.
For further information:
Magaly Bianchini at [email protected]