OTTAWA, March 2, 2017 /CNW/ - Clearford Water Systems
Inc. ("Clearford" or the "Company"), (TSXV: CLI), a TSX Venture 50
Company, today provided a further update on its new long-term loan
which was originally announced on April 19,
2016 and announced that is has signed a $300,000 credit agreement with a Canadian
Chartered Bank.
As previously announced, Sustainable Water Projects Inc. ("SWP")
and Clearford have executed a loan agreement providing up to
US$5.25 million to be invested by
SWP, in tranches. The final date for advances under this loan
agreement has now been extended to March 15,
2017, from February 28,
2017.
Interest payments on existing long term debt that would have
otherwise been payable on February 28,
2017, pursuant to previous funding extensions have also been
deferred to the earlier of the date of final advance of the balance
of the US$5.25 million term loan or
March 15, 2017, whichever is
earlier.
The Company also announced that it has entered into a credit
agreement with a Canadian Chartered Bank which will provide up to
$300,000 of short-term bridge
financing to the Company. The agreement provides the Company with a
$300,000 revolving loan to meet its
short-term working capital requirements. The Loan is secured by a
guarantee from the Company's Chairman of the Board. The Company has
drawn $100,000 on this loan to
date.
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.
About Clearford Water Systems Inc.
Clearford Water
Systems Inc. (TSX-V: CLI) is a provider of unified water management
and sanitation systems based on Clearford One™. Clearford One™ is a
proprietary system comprised of ClearDigest™ smart digester,
ClearConvey™ small bore sewer, and ClearRecover™ final treatment
facility. For more information on Clearford Water Systems, please
visit www.clearford.com.
Forward Looking Statements
This news release contains
certain statements that constitute forward-looking statements as
they relate to the Company and its management.
Forward-looking statements are not historical facts but represent
management's current expectation of future events, and can be
identified by words such as "believe", "expects", "will",
"intends", "plans", "projects", "anticipates", "estimates",
"continues" and similar expressions. Although management
believes that the expectations represented in such forward-looking
statements are reasonable, there can be no assurance that they will
prove to be correct.
By their nature, forward-looking statements include assumptions
and are subject to inherent risks and uncertainties that could
cause actual future results, conditions, actions or events to
differ materially from those in the forward-looking
statements. If and when forward-looking statements are set
out in this news release, Clearford will also set out the material
risk factors or assumptions used to develop the forward-looking
statements. Except as expressly required by applicable securities
law, the Company assumes no obligation to update or revise any
forward looking statements. The future outcomes that relate to
forward-looking statements may be influenced by many factors,
including, but not limited to: industry cyclicality; the ability to
secure third party agreements; successful integration of
Clearford's system with third party technology; competition;
reduction in demand for products; collection from customers;
relationships with suppliers; product liability; intellectual
property; reliance on key personnel; environmental; interest rates;
uninsured and underinsured losses; operating hazards; risks of
future legal proceedings; income tax matters; credit facilities;
availability and terms of financing; distribution of securities;
restrictions on potential growth; effect of market interest rates
on price of securities; and potential dilution.
SOURCE Clearford Water Systems Inc.