Clearford Issues 1,564,264 Shares to Directors
Ottawa, Ontario – (October 28, 2013) – Clearford Industries Inc. (“Clearford” or the “Company”, TSXV: CLI) today announced that it has issued 1,564,264 shares to its Directors in lieu of $195,536 of fees owed by the Company in a share for debt exchange transaction.
As previously, announced on October 16, 2013, the Company had agreed to extinguish $203,036 of its outstanding fees owed to its Directors in exchange for 1,624,286 new shares issued from Treasury. The Company received approval from the TSX to issue the shares on October 23, 2013. Subsequent, to the previous release and following TSX approval, one director decided to forego the receipt of 60,000 shares valued at $7,500.
Without prior written approval of the Exchange and in compliance with all applicable securities legislation, the securities issued under this transaction may not be Sold, transferred, hypothecated or otherwise traded on or through the facilities of the TSX Venture Exchange, or otherwise in Canada or to or for the benefit of a Canadian resident until March 1, 2014.
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 a water infrastructure company that provides holistic solutions for all aspects of water delivery, management, treatment and recycling. Clearford acts as a system integrator and core solution provider in order to deliver end-to-end water management for established and new communities. Clearford partners with leading edge water treatment providers and local constructors to deliver projects that integrate the Clearford patented SBS® waste water collection system with potable water treatment & supply, waste water treatment & recycling, and storm water management & fire suppression systems.
The Clearford SBS® System is a patented watertight small diameter solids-free wastewater collection system that provides servicing with superior operational and environmental performance at a lower installation & operational cost compared to other sewer systems. Clearford currently has systems installed or under construction in Canada, Colombia, Peru and India.
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.
For more information contact:
Clearford Industries Inc.
Phone: (613) 762-8402