Robix Announces Insolvency of Subsidiary Robix Environmental Technologies Group Inc.
December 07 2017 - 11:58PM
Robix Environmental Technologies, Inc.
(the “Corporation”) (CSE:RZX) (Frankfurt:R0X)
announced today that on December 5, 2017
Robix
Environmental Technologies Group Inc., (“Robix
Group”), a wholly-owned subsidiary of the Corporation,
filed an assignment in bankruptcy pursuant to the provisions of the
Bankruptcy and Insolvency Act (Canada) ("BIA"). BDO Canada LLP
(“BDO”) was appointed as Trustee of the estate of the bankrupt by
the Office of the Superintendent of Bankruptcy Canada.
The first meeting of creditors of the bankrupt
will be held on the 18th day of December, at 10:00 am at the office
of the Trustee of Bankruptcy, BDO, at 400, 4th Avenue South, Suite
600, Lethbridge, Alberta, Canada.
The Board of Directors of Robix Group made the
decision to have the Robix Group make a voluntary assignment in
bankruptcy after considering various strategic alternatives.
Mr. Robin Ray, President & CEO of the Corporation commented,
“After exhaustive efforts to seek alternatives it was determined
there was no viable strategic alternative that would be compatible
with the various proposed financing arrangements the Corporation
has been pursuing in the past few months.” Mr. Ray continued,
“We are now able to focus on the future of the Corporation in the
development of its full potential.” The Corporation has retained
the proprietary Hydro-Cycle water treatment technology acquired
through the purchase of Robix Group (previously Formation Fluid
Management, Inc.) in August of 2016, and is actively developing
customer relationships.
About Robix:
Robix is focused on the worldwide market for oil
containment, recovery and cleaning equipment specifically for the
oil spill protection, oil production and water cleaning and
purification industries. To that end, Robix has commercialized its
C Series Clean Ocean Vessel and the P Series Stationary Platform;
both are based on a patented revolutionary oil recovery technology.
The C Series is a vessel that recovers oil in rough ocean waters,
lakes, rivers and tailings ponds in virtually any conditions. The P
Series is an oil recovery platform designed to accelerate oil
recovery from settling ponds at production facilities. The Company
also offers a suite of Hydro Cycle Water purification and cleaning
products.
For more information please contact:
Robix Environnemental Technologies, Inc.
Website: www.robixenvirotech.com
Robin
Ray
Chief Executive
Officer
Tel: 403-327-3094
Email:
Email: robin@robixenvirotech.com No stock exchange or any
securities regulatory body has reviewed the contents of this news
release.
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