Clearford Announces Agreement to create a Joint Venture in China
Ottawa, Ontario – (November 5, 2010) – Clearford Industries Inc. (“Clearford” or the “Company”, TSX-V: CLI) announced today that it has entered into an agreement to establish an equity joint venture (“Joint Venture”) with offices in Beijing and Hubei Province, with Hubei Modern Urban Construction and Investment Group Co., Limited (JV Partner), a developer in the Hubei province of China. The JV Partner is a company controlled by Mr. You Shou Ben, Chairman and CEO of the Hubei Modern Urban Construction Company and Mr. Howard Balloch, Chairman and CEO of the Balloch Group, China. Clearford Industries Inc. will retain a majority ownership position in the Joint Venture.
The structure of the Joint Venture will require each party to contribute capital, intellectual property (IP), office facilities and corporate direction so as to enable the national utilization of the Clearford sanitary sewer solution on a China-wide basis. It is the intent of the parties to the agreement to establish technical and production capabilities in the Hubei Province and government relations and marketing expertise in Beijing. Staffing at these offices will be funded by the Joint Venture and will seek to utilize the design, implementation experience and Intellectual Property (IP) of Clearford and the goodwill, China based business network, industry expertise and management techniques of the JV Partner to establish the Clearford SBS™ sewer collection & treatment system throughout China.
“This is the third significant step for Clearford in China. First we developed visibility and hosted interested government and private sector officials at our Canadian reference sites. This was followed by a strategic investment in Clearford Industries Inc. in July of 2010. The Joint Venture will position Clearford to develop the staff, support and capabilities to deliver projects throughout China “ stated Bruce Linton, President and CEO of Clearford Industries Inc. Mr. Linton stated further “It is anticipated that with the development sites controlled by our JV Partner, that Clearford is well positioned to establish our initial scale sites in China as a demonstration of the environmental and ecological advantages of the Clearford system” “
While Clearford believes that significant and near term opportunities exist for the Company’s solution, there can be no assurance that customer or joint venture agreements will be reached or will be profitable should they be implemented.
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 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 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 further information:
Clearford Industries Inc.
Phone: (613) 762-8402