OTTAWA, Oct. 6, 2017 /CNW/ - Clearford Water Systems Inc.
("Clearford" or the "Company"), (TSXV: CLI), a TSX Venture 50
Company, today announced that it has signed extension agreements
with its Convertible Debenture Holders and received TSX Venture
exchange final approval of the amended terms and conditions of its
convertible debentures that were originally issued in August 2015.
The convertible debenture, which originally matured on
August 5, 2017 and was subject to a forbearance agreement
until October 2, 2017, has been amended to extend the maturity
date until August 5, 2020. As part of the amendment, the
conversion price was reduced from the current $0.55 to $0.20 to reflect the current trading
value of the Company.
The Company currently has 87,542,391 issued and outstanding
common shares. With the amendment to the Convertible Debenture
Conversion Price, the Company now has 113,297,391 shares on a fully
diluted basis.
Kevin Loiselle, President &
CEO of Clearford, also announced progress on a number of
Ontario projects. "We are pleased
to see construction of our Clearford collection network beginning
in the City of Ottawa at the Carp
Airport by West Capital Development, and that progress is well
underway in the City of Quinte West at the Prince Edward Estates
Subdivision. Both of these projects relate to contracts signed with
the customers in previous fiscal years," he said.
Mr. Loiselle also cited the commissioning and start of
operation of a Clearford small bore sewer (SBS®) system
at the Lakepoint Village development in Ramara Township, and
preparations for servicing in Phases 2 and 3 of the White
Tail Ridge Subdivision in the Town of Mississippi Mills as further
evidence of Clearford's acceptance as a water solutions provider in
the Ontario market.
"Recent monitoring completed for the SBS system at White Tail
Ridge Phase 1 clearly shows that the performance of
Clearford's technology has met all expectations and has required no
special maintenance in over 5 years of operation. Developers
and communities across Ontario can
expect these same high quality results using a
Clearford One® system as their servicing
alternative," he concluded.
Upon the completion and commissioning of these new systems,
Clearford will have 10 collection networks or Clearford One
systems in operation in Ontario
with the oldest installation in Field operating for almost 30 years since
it was installed in 1989 under a government-funded pilot
program.
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 (SBS®),
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.