Mar. 30, 2011 (Canada NewsWire Group) --
OTTAWA, March 30 /CNW/ - Clearford Industries Inc. ("Clearford" or the "Company"), (TSXV:CLI) today announced it has signed an Agreement with Lakepoint Builders PVT. LTD. ("LBPL"), the owner and developer (Hiranandani Upscale) of The Villas at Devananhalli, Bangalore, India ("Development"). The Parties ("LBPL and Clearford") have agreed to enter into an agreement for the construction of a sewerage collection and treatment system for the Development, using Clearford's SBS system. Definitive agreements will be executed upon submission by Clearford of a design that meets agreed requirements with a cost of 90% of the cost for a traditional collection and treatment system. The project will be implemented in phases as determined by the developer. Phase one will service 1,250 people with estimated service costs of $3 million. Construction is expected to begin in Q3 2011.
Clearford continues to actively pursue contracts in Delhi, Pune, Mumbai, Gurgaon and areas across India. The Clearford initiatives are undertaken in the context of an India market that the Company believes has tremendous demand for sustainable sanitary sewer solutions. The Water and Sanitation Program at the World Bank recently stated that the absence of sanitation infrastructure in India has an annual cost to productivity of nearly $54,000,000,000 USD. The initial Clearford installation in India will allow the Company to establish both an in-country reference site and the required approvals for the Clearford solution.
Prior to execution of a definitive agreement for delivery, either party may cancel the agreement by providing 30 days written notice.
The Devananhalli community in Bangalore, India will be constructed on a 95 acre site and will have a total design population of 6,100 persons when all three phases have been constructed. The Agreement anticipates Clearford servicing all three phases. Cost-based contracting and approvals will initially cover the first phase with a design population of 1,250 persons. The total project has a servicing corridor estimated at 5,500 Meters, with phase one covering the majority of the servicing area estimated at 3,100 Meters.
"I and my team have worked with Clearford over several months and are confident that the Clearford solution will allow us to achieve an environmental outcome unequalled in India" said Surendra Hiranandani, The Managing Director of LBPL. Mr. Hiranandani further stated "The Clearford solution is very compelling with environmentally superior outcomes and a savings of 10% over the historic system cost which we estimate at more than $3,000,000 for Phase one."
Clearford President and CEO, Mr. Bruce Linton stated "Hiranandani Upscale" is a leading developer in India and as such recognizes that the market demands environmentally sustainable infrastructure solutions." Mr. Linton further quoted "Clearford is delighted to establish our first project in India and in the high profile area of Bangalore."
The parties will seek to establish the required approvals and construction contracts by June 1st, 2011 so that construction may commence in Q3 2011.
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 Industries Inc.
Clearford Industries Inc. (TSX-V: CLI) is the developer of the patented Small Bore Sewer ™ (SBS™), a watertight small diameter wastewater collection system that provides servicing with superior operational and environmental performance at a significantly lower cost when compared to historic gravity sewers. Clearford's SBS™ technology and industry expertise provide the enabling platform to deliver, on a global basis, turnkey, fixed-price wastewater collection, treatment and energy generation solutions that are ideally suited for water-scarce regions, those with unreliable water distribution networks, and new developments seeking a greener approach to water and wastewater management. For more information on Clearford, 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 managements 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.
President and CEO
Clearford Industries Inc.
Phone: (613) 599-6474 ext. 301