Loans

Clearford Announces Additional US$250,000 Term Loans, Audit Chair Resigns

Clearford Announces Additional US$250,000 Term Loans, Audit Chair Resigns
Written by Publishing Team

Ottawa, ONAnd December 14, 2021 / CNW / – Clearford Water Systems Inc. (“Clearford” or “the Company”), (TSXV: CLI), today announced that it has entered into two additional new loan agreements for 250,000 USD and that mr. Andrew SzoniThe Chairman of the Company’s Audit Committee for the past fifteen years has resigned. Proceeds from the financing will be used to fund working capital requirements including debt servicing of previously issued loans, and drawdown of existing debt. The loans carry an interest rate of 9.75% per annum and mature at December 9, 2031.

Each new loan is valued at 125,000 USD And 125,000 USD, Respectively. Each loan carries an interest rate of 9.75% and is paid semi-annually in May and November each year. The company has provided a general safety agreement on the assets of its subsidiary company Clearford Koester Canada Inc. The loans are expected to be provided in full during the current quarter of 2021.

The company also announces that Andrew Szoni Resigned. Mr. Szoni He has been the company’s external director since 2006 and was the Chairman of the Audit Committee during this time. The company named Ian Ross, Independent Director, as the new Chairman of the Audit Committee, and Kevin Loesel It was added to the audit committee effective immediately. The company has not announced a replacement for Mr. Szoni.

Glenn GoldThank you to the Chairman of the Board of Directors Mr. Szoni His years of distinguished service on the Board of Directors and as Chairman of the Audit Committee and his numerous contributions to the Company in these roles over the years as part of an impressive career of more than 60 years of work, education and corporate advice.

As previously announced by the company, its board of directors has begun a formal process of reviewing potential strategic alternatives available to the company. This process is ongoing and no new additional information is currently available.

No TSX Project Exchange or a Regulatory Service Provider (as this term is defined in the Policies TSX Project Exchange) assumes responsibility for the adequacy or accuracy of this statement.

on Clairford Water Systems Inc.
Clairford water systems is a provider of standardized water management solutions for the design, deployment, financing and operation of water infrastructure systems. The company’s technology-based water solutions include Clairford One® Wastewater infrastructure systems, a full range of pure UV® Water purification products. Clearford is the 2017 Frost & Sullivan Award Winner for Leadership in Enabling Technology for Decentralized Water and Wastewater Treatment. For more information, visit www.clearford.com.

on Clairford Waterworks Inc. And Clearford ASI Inc. (Clearford Affiliates)
Clairford Waterworks Inc. And Clearford ASI Inc. They are full service providers of water and wastewater systems management including field operations, maintenance, emergency operations, regulatory compliance support, engineering services, technical assistance, troubleshooting and asset management services. The company operates more than 170 water treatment and distribution plants and wastewater collection systems in Ontario For small municipalities, private developments, golf courses, campgrounds and campgrounds.

on UV Pure Technologies Inc. (Clearford subsidiary)
UV Pure Technologies is a manufacturer of advanced UV water disinfection systems for residential, commercial, industrial, public and municipal applications. The company’s patented CrossFire technology® It is an innovative water disinfection solution with more than 18,000 installations worldwide. UV Pure Awarded Artemis Top 50 clean technology company , a Going Green Global Top 200 award, two Frost & Sullivan Best Practice Awards, and a Canadian Drinking Water Association Innovation Award. 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 expectations of future events, and can be identified by words such as “believe”, “expect”, “will”, “intend”, “plans”, “projects”, “expect”, “estimates”, continue” and similar expressions. Although management believes that the expectations contained in such forward-looking statements are reasonable, there is no guarantee that they will prove correct.

Forward-looking statements are inherently assumptions and are subject to inherent risks and uncertainties that may cause actual future results, conditions, actions or events to differ from those contained 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. Future results relating to forward-looking statements may be affected by many factors, including, but not limited to: industry cyclicality; ability to secure third party agreements; Successful integration of the Clearford system with third-party technology; Competition; low demand for products; collection from clients; relationships with suppliers; product liability; Intellectual property; Reliance on key personnel; environmental. interest rates; uninsured and uninsured losses; Operational risks; risks of future legal action; income tax matters; Credit facilities; availability and terms of financing; stock distribution constraints on potential growth; The effect of market interest rates on stock prices; and potential mitigation.

source Clairford Water Systems Inc.

© Canada Newswire, source Canada English Newswire

.

About the author

Publishing Team

Leave a Comment