Major Shareholder Increases Investment in Clearford
OTTAWA, Ontario – (Sept. 23, 2011) – Clearford Industries Inc. (“Clearford” or the “Company”, TSXV:CLI) today announced that it has received a commitment from a significant shareholder for the exercise of warrants through the remainder of 2011 which will provide the Company with additional liquidity as it continues its commercialization activities.
SC Stormont Holdings Inc. (“Stormont”) has committed to exercise a minimum of $700,000 of warrants representing 4,667,000 common shares throughout the remainder of 2011. In addition to this commitment, Stormont had recently exercised $100,000 warrants representing 666,667 common shares. After the exercise program is completed Stormont would hold approximately 19% of the issued and outstanding commons shares of Clearford and would hold common share purchase options for an additional four percent.
Including this commitment, current Clearford shareholders will have exercised a total of $2,300,000 in warrants representing 14,592,000 common shares during 2011.
“We are actively working on turning what we see as our vast market opportunity into tangible revenue-producing commercial contracts” commented Bruce Linton, Clearford President and CEO.
“The confidence that our shareholders have shown in the path that we are on by providing us with liquidity has allowed us to pursue our carbon credit certification program and, more important in the short term, cultivate market opportunities such that we believe we will begin generating revenue in India and South America by the end of 2011″ continued Mr. Linton.
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. (TSXV: 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.
For further information:
Clearford Industries Inc.
Phone: (613) 762-8402