RDX Closes Sale of its Canadian Environmental and Soils Operations
SCOTTSDALE, AZ, Sept. 5, 2013 /CNW/ - RDX ("RDX" or the "Company") (TSXV: RDX, OTCQX: RGDEF, FSE: RL7) a water treatment and energy technology company announces the closing of the previously announced sale of both of its Canadian Environmental Services and GreenFill business divisions to Ridgeline Canada, Inc. of Calgary.
RDX is pleased to announce subject to final approval of the TSXV the sale of all of its Canadian Environmental ("Consulting") and GreenFill soils treatment ("GreenFill") business divisions to Ridgeline Canada, Inc. (RCI) of Calgary. The sale includes both operating divisions based in Canada. The divisions known as Ridgeline Environment and Ridgeline GreenFill will be operated as a private company. Ridgeline Canada, Inc. will also become the exclusive representative for waste water treatment in Canada for the oil and gas industry.
In summary, the terms of the transaction are as follows; a $ 2,000,000.00 paid in earnest monies with $2,377,693.11 in cash at closing to the Vendor and to pay down Vendor debt, and additional assumption of Vendor debt of and the immediate assumption by RCI of $ 2,565,891 in vendor debt and overhead costs by RCI for a total price of $6,943,584.11. A discount of $500,000 was made for the cash payment of the $2,500,000 note to be issued which reduce the net price from what would have been without discount $7,443,584.11
About RDX Technologies Corporation
RDX Technologies Corporation is a water treatment and energy technology company. The Company is applying proprietary technology to treat water generated from industrial and commercial waste water markets. These markets include a wide variety of clients across abroad spectrum of industries. The Company trades on the TSX Venture Exchange under the symbol "RDX", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange as "RL7".
ON BEHALF OF THE BOARD OF DIRECTORS
"Dennis M. Danzik"
Dennis M. Danzik, CEO
"Neither 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 news release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward- looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."
SOURCE: RDX Technologies Corporation
For further information:
David Waldman at Crescendo Communications