OTTAWA, ON, June 3, 2020 /CNW/ - Clearford Water
Systems Inc. ("Clearford" or the "Company"), (TSXV:
CLI), announced today that COVID-19-related restrictions have
delayed the Company's ability to meet the deadlines prescribed by
National Instrument 51-102 – Continuous Disclosure
Obligations ("NI 51-102").
The Company intends to rely upon blanket orders and similar
instruments (including Ontario Instrument 51-502 Temporary
Exemption From Certain Corporate Financing Requirements)
recently granted by various securities regulatory authorities in
Canada (collectively, the
"Blanket Relief"), which provide temporary relief to
reporting issuers from certain requirements of NI 51-102.
In particular, the Company intends to rely upon the Blanket
Relief to exempt it from the filing and delivery of the following
by the prescribed deadline of May 31,
2020:
- its consolidated financial statements for the quarter ended
March 31, 2020 as required by section
4.2 of NI 51-102; and
- its management discussion & analysis as required by
subsection 5.1(2) of NI 51-102.
The Company estimates that its financial statements and
management discussion and analysis for the quarter ended
March 31, 2020 will be filed on or
before July 15, 2020.
Additionally, the Company is currently assessing the filing
timeline previously disclosed in its April
28th press release for its annual audited
financial statements and will provide further updates as the
June 14th, 2020 filing
deadline approaches.
The Company confirms there have not been any material
undisclosed business developments since April 28, 2020, being the date of the last
interim financial statements filed by the Company with various
securities regulatory authorities in Canada, other than the various impacts of the
COVID-19 pandemic. While it continues to operate as an essential
service, the COVID-19 pandemic has introduced administrative
complexity due to staff policies on social distancing resulting in
delays in completing the financial statements and MD&A for the
completed fiscal year and its financial statements and MDA for the
quarter ended March 31, 2020.
The Company confirms that its management and other insiders are
subject to an insider trading black-out policy that reflects the
principles in Section 9 of National Policy 11-107 –
Failure-to-File Cease Trade Orders and Revocations in Multiple
Jurisdictions, such that they are subject to trading
restrictions until the commencement of the second trading day after
its annual audited financial statements and annual management
discussion and analysis for the year ended December 31, 2019 have been filed subject to NI
51-102.
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 is a provider of unified water management solutions for the
design, deployment, finance and operation of water infrastructure
systems. The Company's technology-based water solutions include
Clearford One® wastewater infrastructure systems,
Clearford M–brane™ packaged treatment solutions, and a full range
of UV Pure® water disinfection products. Clearford
is the winner of the Frost & Sullivan 2017 Enabling
Technology Leadership Award for Global Decentralized
Water & Wastewater Treatment. For more information, visit
www.clearford.com.
About Clearford Waterworks Inc. and Clearford ASI Inc.
(Clearford subsidiaries)
Clearford Waterworks Inc. and
Clearford ASI Inc. are full-service providers of water and
wastewater systems management including in-field operations and
maintenance, emergency operations, regulatory compliance support,
engineering services and technical assistance and troubleshooting,
and asset management services. The company operates over 170
treatment plants, water distribution and wastewater collection
systems in Ontario for small
municipalities, private developments, golf courses, camps and
campgrounds.
About UV Pure Technologies Inc. (a Clearford
subsidiary)
UV Pure Technologies is a manufacturer of
advanced ultraviolet water disinfection systems for residential,
commercial, industrial, public, and municipal applications. The
company's patented Crossfire Technology® is an
innovative water disinfection solution with over 18,000
installations worldwide. UV Pure has earned an Artemis
Top 50 Clean Tech Company award, Going Green Global
Top 200 award, two Frost & Sullivan Best Practices
Awards, and a Canadian Drinking Water Association award for
innovation. For more information, 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.
SOURCE Clearford Water Systems Inc.