OTTAWA, May 29, 2017 /CNW/ - Clearford Water Systems
Inc. ("Clearford" or the "Company"), (TSX-V:CLI), a TSX Venture 50
Company, today announced that Mr. Rod
Bryden, its current chair will not stand for re-election to
the Board at its upcoming Annual General and Special Meeting
("AGM") of Shareholders Scheduled for June
21, 2017.
Mr. Bryden, has held the position of Chairman of the Board and
has provided guidance to the Company under a Strategic Leadership
Agreement since 2006 when he became a major shareholder of the
Company. Mr. Bryden will step down from Chairman position
immediately following the completion of the AGM. As a major
shareholder of Clearford, Mr. Bryden will continue to be a
reporting insider of the Company.
Additionally, the Company has announced that the Strategic
Leadership Agreement with Mr. Bryden's Company, SC Stormont Inc.,
will not be renewed by mutual agreement and will end on
May 31, 2017. Mr. Bryden intends to
focus on his other endeavours which include Plasco Conversion
Technologies Inc. which he has been principal shareholder and CEO
since September 2015.
Subject to election of the Board at the AGM it is the intention
of the Board to appoint Mr. Kevin
Loiselle, the President & CEO of Clearford, as Chairman
of the Board following the AGM. Recognizing that it is important
for corporate governance that the Chairman be independent from
management, the Board will seek to appoint an Independent Chairman
at the appropriate time.
"Mr. Bryden has provided guidance and advice on the direction of
the Company for the past 12 years and has put us in a position to
be successful with our product offering. He has been instrumental
in assisting the Company in its fundraising activities, which has
allowed the Company to complete its product offering to bring the
full end to end Clearford One system to our target market" said
Kevin Loiselle, President and CEO of
Clearford. "Additionally, he has guided the sourcing of funding to
execute Pay for Performance (P4P) contracts with municipalities in
Ontario and eventually throughout
North America. With our
opportunities in the India,
Colombia and Ontario markets, we believe that Clearford is
well positioned to execute on our business plan" he continued.
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.
About UV Pure Technologies Inc.
UV Pure Technologies
manufactures technically advanced UV water purification systems.
The Company has won an Artemis Top 50 Clean Tech Company award, two
Frost and Sullivan Best Practices awards, a Canadian Drinking Water
Association award for innovation, and is a Going Green Global Top
200 company.
There are currently over 15,000 UV Pure systems in residential,
commercial, industrial, public and municipal applications, with
flow rates up to 1 million gallons per day. An aerospace version of
UV Pure's system is being used by Boeing to purify water on its new
787 Dreamliner.
UV Pure's patented Crossfire Technology® is
dramatically advantaged compared to conventional UV systems. Lamps
are mounted in air surrounded by elliptical reflectors providing
more effective deactivation of pathogens, facilitating easy lamp
changes and visual quartz inspection. They are self-cleaning, smart
– with multiple sensors and on-board diagnostics guiding
maintenance, engineered to be fail-safe, virtually maintenance
free, and are plug-in ready for remote monitoring. For more
information on UV Pure Technologies, please visit
www.uvpure.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.
www.clearford.com
SOURCE Clearford Water Systems Inc.