OTTAWA, Oct. 13 /CNW Telbec/ - Thermal Energy International Inc, (TSX-V:TMG) (www.thermalenergy.com) (the "Company") announced today that the Company's shares will resume trading on the TSX Venture Exchange (the "Exchange") effective October 15, 2009. As was previously announced, trading of the Company's shares was halted by the Exchange on July 22, 2009, pending clarification of the Company's affairs. Since that time, the Company has been working diligently and proactively with the Exchange in an attempt to resolve all matters in a timely fashion. It should be noted that notwithstanding that the Company's shares will resume trading, the Exchange's review of the Company's affairs remains ongoing and the Company continues to work with the Exchange.
The Exchange has identified a number of deficiencies in the Company's compliance with Exchange policies, some of the deficiencies identified are similar to or the same as deficiencies noted by the Exchange under a prior review of the Company's affairs conducted in 2004 and 2005. The deficiencies include, but are not limited to the following:
- the issuance of private placement shares without Exchange acceptance;
- the issuance of shares for debt without Exchange acceptance;
- the exercise of stock options without receipt of proper consideration;
- the issuance of a significant number of shares without the appropriate
- the failure to provide the Exchange notice of certain transactions as
required by Exchange Policy;
- the issuance of non-compliant disclosure; and
- inadequate internal controls and procedures for the review and
approval of related party transactions.
While the Exchange has permitted the shares of the Company to be resumed
to trading the Company is subject to certain conditions imposed by the
Exchange. These conditions include, but are not limited to the following:
- No shares are to be issued by the Company from treasury without the
prior written acceptance of the Exchange;
- No loans are to be issued by the Company without the prior written
acceptance of the Exchange; and
- No related party transactions are to be entered into without the prior
written acceptance of the Exchange.
In conjunction with the previously announced changes to the Company's Directors and Officers, the Company has also implemented changes both internally and externally to ensure that appropriate policies and procedures governing key functions are in place and will be followed going forward and that personnel acceptable to the Exchange are responsible for functions related to the deficiencies identified by the Exchange. It is in light of these changes and the Exchange's conditions noted above, the Exchange has agreed to lift the halt in trading.
About Thermal Energy
Thermal Energy International Inc. is an innovative technology company providing custom energy and emission reduction, and bioenergy solutions. Headquartered in Ottawa, Canada, TEI is a designer, design build developer, fabricator, owner, operator and supplier of proprietary and patented energy conservation, renewable energy and environmental technology solutions. Thermal Energy is a fully accredited professional engineering firm, and offers advanced process and applications engineering services. The Company is a proud member of the Chicago Climate Exchange (CCX). FLU-ACE(TM), DRY-REX(TM), THERMALONOx(TM), THERMAL-AUD(TM) and GEM(R) are trademarks of Thermal Energy International.
To find out more about Thermal Energy International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
NEITHER THE 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 RELEASE.
SOURCE Thermal Energy International Inc.
For further information: For further information: William Crossland, Thermal Energy International Inc., (613) 723-6776, email@example.com