Clearford Announces the Signing of Memorandum of Understanding with Tata Projects
Ottawa, Ontario – (September 20, 2017) – Clearford Water Systems Inc. (“Clearford” or the “Company”), (TSX-V:CLI), today announced that it has signed a Memorandum of Understanding (MOU) with Tata Projects Ltd. (TPL) to promote implementation of Clearford’s proprietary and award-winning wastewater collection and treatment system (Clearford One®) in India and other international markets.
Clearford is a recent winner of the Frost & Sullivan 2017 Global Enabling Technology Leadership Award and short-listed for the India Sanitation Coalition (ISC) Sanitation Awards 2017 Innovation Category.
TPL is an engineering, procurement and construction services company of the Tata Group, and one of the fastest growing infrastructure companies in India reputed for its industrial and urban infrastructure projects that leverage technology, advanced construction methods and collaboration between diverse specialists to ensure quality and execution of projects. Tata Group is one of India’s largest and most respected business groups with revenues of over $100 billion and over 581,000 employees worldwide.
Under the terms of the Agreement, TPL, Clearford and its subsidiary Clearford India Private Ltd. will jointly pursue opportunities to deliver the Clearford One® wastewater system for projects in India and globally on a non-exclusive basis. Project specific MOU’s and agreements will be put in place between the parties as individual projects are confirmed. Clearford and TPL will undertake discussions with interested States to advance opportunities for Clearford One® installations. Initial efforts will be focused on the States of Tamil Nadu, Punjab and Rajasthan.
“The Tata Group are committed to improving the quality of life in the communities they serve, and Clearford is very pleased that Tata Projects recognizes the success of our Jambudiyapura project, the first open-defecation free sewered village in Gujarat State, as a model solution with potential to improve public health in a county where over 600 million people lack access to basic sanitation,” said Clearford’s President & CEO Kevin Loiselle, speaking from Ottawa, Canada. “We believe that our Clearford One® system and Tata Projects’ strength as one of the fastest growing infrastructure companies in India is a winning combination.”
Neither the TSX Venture Exchange nor its Regulation Services Provider (as term defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Clearford Water Systems Inc.
Clearford Water Systems Inc. (TSX-V: CLI) is a provider of unified water management and sanitation systems based on Clearford One®. Clearford One® is a proprietary system comprised of ClearDigest® smart digester, ClearConvey® small bore sewer, and ClearRecover® final treatment facility. For more information on Clearford Water Systems, please visit www.clearford.com.
About TATA Projects Limited
Tata Projects Limited is engaged in the engineering, procurement, and construction of industrial infrastructure and utility projects. It operates through four strategic business units: Industrial Infrastructure; Urban Infrastructure; Quality Services; and Utility Services. The Company provides end-to-end solutions to set up power generation plants, power transmission and distribution systems, fully integrated rail and metro systems, commercial buildings and airports, chemical process plants, water and wastewater management solutions, complete mining and metal purification systems. The company was incorporated in 1979 and is based in Hyderabad, India with a branch office in Abu Dhabi, United Arab Emirates. It has offices in Mumbai and Noida, India; and Nairobi, Kenya.
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. 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.
For more information contact:
Kevin Loiselle, President & CEO
Clearford Water Systems Inc.
Phone: (613) 599-6474 ext. 303