TSX Venture Exchange Symbol: SNV
VANCOUVER, March 26 /CNW/ - David Coe, Chairman of Sonic Environmental
Solutions Inc. (SNV:TSX-V) is pleased to announce that the Company is amending
the original agreement by which it acquired Terra-Kleen Response Group
("Terra-Kleen") in December 2005 to advance the terms and extinguish all
outstanding obligations of Sonic, effective immediately.
Under the terms of the original agreement and plan of merger, Sonic
obtained all rights to the Terra-Kleen technology and was obligated to make
further payments until December 2008, totaling up to US$6.5 million to Mr.
Alan Cash, the founder and sole shareholder of Terra-Kleen. Under the amended
agreement, Sonic has made a single, final payment of US$250,000 to Mr. Cash
and will have no further obligations of any kind in relation to the original
agreement. Sonic will release approximately 600,000 common shares of Sonic
from escrow, held by Mr. Cash.
David Coe, Chairman of Sonic commented, "On behalf of the Board and staff
of Sonic I want to thank Alan for his efforts as an employee and as a
contributing Board member. Alan worked diligently with Sonic to transfer his
13 years of operational acumen to Sonic, over and above the patent base on
which the Terra-Kleen technology was developed. We wish Alan every success in
Since acquiring Terra-Kleen in December 2005, Sonic has worked to adapt
the Sonic Treatment System to incorporate the Terra-Kleen technology. After
successfully doing so at Sonic's project in Delta, BC, Sonic has used the
Terra-Kleen technology to successfully complete an initial project in Eastern
Canada and is currently deployed on a second project, near Toronto, Ontario.
Sonic develops and markets Sonoprocess(TM) solutions utilizing the
Company's patented sonic generator technology. These Sonoprocess(TM) solutions
represent the world's only large scale use of sonic energy in process
industries. Sonic's Environmental Remediation Division markets remediation
services utilizing both our Sonoprocess(TM) and the Terra-Kleen technologies
for the removal and destruction of Persistent Organic Pollutants in soil.
Sonic is now developing further proprietary Sonoprocess(TM) applications to
better meet the needs of major process industries.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Statements in
this release that are forward-looking statements are subject to various risks
and uncertainties concerning the specific factors disclosed under the heading
"Risk Factors" and elsewhere in the Company's periodic filings with Canadian
securities regulators. Such information contained herein represents
management's best judgment as of the date hereof based on information
currently available. The Company does not assume the obligation to update any
For further information:
For further information: Robin Cook, CHF Investor Relations, Tel: (416)
868-1079 ext. 228, Email: firstname.lastname@example.org; Adam Ranjit Sumel, Sonic's CEO,
Tel: (604) 736-2552, Email: email@example.com, www.SonicEnvironmental.com