OTTAWA, ON, Dec. 14, 2021 /CNW/ - Clearford Water
Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), today
announced that it has entered into 2 additional new loan agreements
for US$250,000 and that Mr.
Andrew Szonyi, the Company's Audit
Committee Chairman for the past 15 years has resigned. The proceeds
of the financing will be used to fund working capital requirements
including debt servicing of previously issued loans, and retirement
of existing debt. The loans bear interest rate 9.75% per annum and
matures on December 9th, 2031.
Each new loan is valued at US$125,000 and US$125,000, respectively. Each loan bears an
interest rate of 9.75% payable semi-annually in May and November of
each year. The Company provided a general security agreement over
the assets of its subsidiary Clearford Koester Canada Inc. It is
expected that the loans will be fully advanced during the current
quarter of 2021.
The Company is also announcing that Andrew Szonyi has resigned. Mr. Szonyi has been
an external director of the Company since 2006 and has been the
Chair of the Audit Committee during this time. The Company has
named Ian Ross, an independent
director, as the new Chairman of the Audit Committee, and
Kevin Loiselle has been added to the
Audit Committee effective immediately. The Company did not announce
a replacement for Mr. Szonyi.
Glenn Gold, the Chairman of the
Board, thanked Mr. Szonyi for his years of distinguished service on
the Board and as Chair of the Audit Committee and his many
contributions to the Company in these roles over the years as part
of a remarkable career of over 60 years of working, teaching and
advising companies.
As the Company previously announced, its Board of Directors has
initiated a formal process to review potential strategic
alternatives available to the Company. This process is continuing
and there is no additional new information currently
available.
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,
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. 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.
