OTTAWA, Aug. 1 /CNW Telbec/ - Clearford Industries Inc. ("Clearford", the "Company", TSX-V: CLI) today announced that following shareholder and TSX Venture approval obtained on July 30, 2008, the divestiture of Clearford's Brooklin Concrete Division assets and the assignment of the right to purchase the shares of Boucher Pre-Cast Concrete Limited as previously announced on June 25, 2008 (the "Transaction"), closed on July 31, 2008. Details of the Transaction are contained in Clearford's Management Information Circular dated June 30, 2008, a copy of which is available on SEDAR at www.sedar.com.
As previously announced, as a condition of the closing of the Transaction, Bruce Linton has entered into a consulting contract with the purchaser, Armtec Limited Partnership, and as a result has resigned as President and CEO of the Company effective August 1, 2008. Mr. Linton will remain on as a Director of the Company. The Board is pleased to announce the appointment of, John Kelly as the President and CEO of Clearford, as well as a Director of the Company, subject to TSX Venture approval. Mr. Kelly is recognized as a pioneer in Canadian technology with over 35 years of entrepreneurial and executive experience in this sector. He has held a number of executive positions including CEO of Jetform, was a founder of SHL Systemhouse and has received a number of business awards.
Mr. Sam Reisman, who has represented debenture holders on the Company's Board, has resigned following the closing of the Transaction which repays debentures in full. Mr. Reisman has been a valuable contributor to the Board, and the Company thanks him for his commitment to Clearford.
This news release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). All statements other than statements of historical fact contained herein are forward-looking statements, including, without limitation, statements regarding the impact of the transaction on the Clearford financial performance and statements regarding the business strategy, plans and objectives of or involving Clearford or the businesses in which they have invested. Prospective investors can identify many of these statements by looking for words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues" and similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
By their nature, forward-looking statements require assumptions and are subject to inherent risks and uncertainties, including those discussed herein. There is significant risk that forward-looking statements will not prove to be accurate. You are cautioned not to place undue reliance on forward-looking statements made herein because a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Except as expressly required by applicable securities law we disclaim any intention and assure no obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise.
The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: industry cyclicality; competition; reduction in demand for products; collection from customers; relationships with suppliers; lack of long-term agreements; expiration of rights under license and distribution arrangements; raw material price volatility; product liability; intellectual property; reliance on key personnel; environmental; collective bargaining; interest rates; uninsured and underinsured losses; operating hazards; risks of future legal proceedings; income tax matters; leverage and restrictive covenants; credit facilities; distribution of securities; restrictions on potential growth; effect of market interest rates on price of securities; potential dilution; and various risks relating to the transaction, including risks relating to integration and realization of expected synergies, reliance on key personnel, potential undisclosed liabilities associated with the transaction. You are cautioned that the foregoing list of factors is not exhaustive and that when relying on forward-looking statements to make decisions with respect to Clearford, investors and others, you should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. More detailed information of the matters described herein is included in the public documents Clearford files from time to time with Canadian securities regulatory authorities.
About Clearford Industries Inc.
Clearford Industries Inc. operating unit, the Wastewater Systems Division, designs and implements the patented Small Bore Sewer(TM) (SBS(TM)), a watertight small diameter wastewater collection system for developers, municipalities and First Nations communities who need to create, expand or upgrade their sewage systems. This solution provides servicing with superior operational and environmental performance at a significantly lower cost when compared to historic gravity sewers. With its first installation in 1989, the SBS(TM) has since had several installations within Canada and the U.S. For more information on Clearford Industries Inc., please visit www.clearford.com.