Pursuant to the Notice,
The filing of the Notice has the effect of imposing a 30-day statutory stay of proceedings that will protect the Company and its assets from enforcement actions. During this period, the Company expects to file a formal proposal under the BIA (the "Proposal"), setting forth a comprehensive plan for payment to the Company's creditors in due course.
The Company has taken this action under the BIA as the most expeditious and economical manner of addressing the interests of its creditors and allowing it to carry on its operations uninterrupted. Only
Management will work closely with the Company's board of directors and its financial and other advisors and, with the assistance of the Trustee, to maximize the realizable value of the Company's residual assets.
There can be no assurance that the process will result in the Company realizing any value in the Company's residual assets in any transaction or, if a transaction is proposed, that it will be successfully concluded in a timely manner or at all.
Failure by the Company to achieve its restructuring objectives through an approved Proposal will result in the Company becoming bankrupt.
Trading in the Company's common shares on the
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
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements can be identified by words such as: "anticipate," "expect," "likely," "plan," "will" and similar references to future periods. Forward-looking statements in this news release include, but are not limited to, statements regarding the Company's ability to realize value of its assets, complete a creditor proposal, bankruptcy, or complete a restructuring. The statements are dependent on a number of assumptions and risk factors. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on the Company. These forward-looking statements are made as of the date of this press release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.
Neither the
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