Clearford signs implementation agreement with one of India’s leading real estate developers
Ottawa, Ontario – (September 20, 2011) – Clearford Industries Inc. (“Clearford” or the “Company”, TSX-V:CLI) today announced that it has signed an agreement with Lakepoint Builders Pvt. Ltd. (“Lakepoint”), a subsidiary of the Hiranandani Group, for the first implementation of the Clearford system in India.
The development, The Villas at Devanahalli (www.hiranandaniupscale.com) is a luxury development in Bengaluru, which is a suburb of Bangalore, in southern India. This agreement covers the implementation of a wastewater collection and treatment system for Phase I of the development which includes 121 villas and cottages, a 140 unit apartment building, a shopping complex and a club house. Phase I represents approximately 25% of the planned development size.
The process of selection for the development required that Clearford demonstrate a capital cost savings as compared to traditional sewer collection and treatment methods and a lower ongoing operational cost. Clearford and Lakepoint expect commencement of the system construction in the fourth quarter of 2011 and conditional on entering into binding construction agreements.
Mr. Surendra Hiranandani, CEO and founder of Hiranandani Group stated “My team and I have aggressively reviewed the Clearford solution, including a site visit to one of their reference sites in Canada, and we are certain this system is both ideal for our project and India at large.” Mr. Hiranandani further stated “I am proud to be introducing the Clearford system to India and look forward to working with Clearford to implement the system on my projects, with other developers and in the municipal setting.”
Mr. Bruce Linton, CEO of Clearford said “India is a priority market for Clearford as it has both a booming residential development sector and a major government priority on servicing existing communities. More than 600,000,000 people require sustainable sanitary infrastructure in India.” Commenting on Clearford’s approach to the Indian market Mr. Linton continued ”In India, as in other countries, we seek a private developer that has the vision required to implement superior solutions and through the first project can enable Clearford to demonstrate the many advantages of our system to both the private and public sector. With Hiranandani we have found that leadership and we look forward to both implementing our system in Bangalore and exploring business opportunities in south India. Clearford and our partners recognize that India represents a significant opportunity.”
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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.
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Clearford Industries Inc.
Phone: (613) 762-8402