Clearford Announces Additional US $ 250,000 Term Loans, Audit Chairman Resigns

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OTTAWA, ON, December 14, 2021 / CNW / – Clearford Water Systems Inc. (“Clearford” or the “Company”), (TSXV: CLI), today announced that it has entered into 2 additional new loan agreements for US $ 250,000 and that Mr. Andrew Szonyi, the Chairman of the Company’s Audit Committee for 15 years has resigned. The proceeds of the financing will be used to finance working capital requirements, including the debt service of previously issued loans and the repayment of existing debt. The loans bear interest at a rate of 9.75% per annum and mature on December 9, 2031.

Each new loan is evaluated at US $ 125,000 and US $ 125,000, respectively. Each loan bears interest at the rate of 9.75% payable semi-annually in May and November of each year. The Company has provided a general guarantee agreement on the assets of its subsidiary Clearford Koester Canada Inc. The loans are expected to be fully advanced during the current quarter of 2021.

The Company also announces that Andrew Szonyi resigned. Mr. Szonyi has been an outside director of the Company since 2006 and served as Chairman of the Audit Committee during this period. The Company has appointed Ian ross, an independent director, as the new chairman of the audit committee, and Kevin Loiselle was added to the audit committee with immediate effect. The Company has not announced a replacement for Mr. Szonyi.

Glenn Gold, the Chairman of the Board, thanked Mr. Szonyi for his years of distinguished service on the Board and as Chairman of the Audit Committee and his many contributions to the company in these roles over the years as part of a career remarkable over 60 years of working, teaching and consulting companies.

As the company previously announced, its board of directors has initiated a formal process to consider potential strategic alternatives available to the company. This process is continuing and no additional new information is currently available.

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 Water Systems Inc.
Clearford Water Systems is a provider of unified water management solutions for the design, deployment, financing and operation of water infrastructure systems. The company’s technology-based water solutions include Clearford One® wastewater infrastructure systems and a full range of UV Pure® water disinfection products. Clearford is the recipient of the Frost & Sullivan 2017 Enabling Technology Leadership Award for global decentralized water and wastewater treatment. For more information visit www.clearford.com.

About Clearford Waterworks Inc. and Clearford ASI Inc. (Clearford subsidiaries)
Clearford Waterworks Inc. and Clearford ASI Inc. are full service providers of water and sewer systems management, including field operations and maintenance, emergency operations, regulatory compliance support , engineering services, technical support, troubleshooting and asset management services. The company operates more than 170 treatment plants, water distribution systems and wastewater collection in Ontario for small municipalities, private developments, golf courses, camps and campgrounds.

About UV Pure Technologies Inc. (a subsidiary of Clearford)
UV Pure Technologies is a manufacturer of advanced ultraviolet water disinfection systems for residential, commercial, industrial, public and municipal applications. The company’s patented Crossfire technology® is an innovative water disinfection solution with more than 18,000 installations worldwide. UV Pure has won the Artemis Top 50 Clean Tech Company Award, the Going Green Global Top 200 Award, two Frost & Sullivan Best Practices Awards and a Canadian Drinking Water Association Innovation Award. For more information visit www.uvpure.com.

Forward-looking statements
This press release contains certain statements which constitute forward-looking statements with respect to the Company and its management. Forward-looking statements are not historical facts, but represent management’s current expectations regarding future events and may be identified by words such as “believe”, “expect”, “will”, “a the” intention to “,” plans “,” projects “,” anticipates “,” estimates “,” continues “and similar expressions. Although management believes that the expectations represented in these 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 results, conditions, actions or future events to differ materially from those of forward-looking statements. Unless expressly required by applicable securities laws, the Company assumes no obligation to update or revise forward-looking statements. Future results relating to forward-looking statements may be influenced by many factors, including, but not limited to: industry cyclicality; the ability to enter into agreements with third parties; the successful integration of the Clearford system with third-party technology; competetion; reduced demand for products; collection from customers; relations with suppliers; product liability; intellectual property; the use of key personnel; environmental; interest rate; uninsured and underinsured losses; operational risks; the risks of future legal proceedings; income tax issues; credit facilities; availability and conditions of financing; distribution of securities; restrictions on potential growth; effect of market interest rates on the price of securities; and potential dilution.

SOURCE Clearford Water Systems Inc.

Cision Show original content: http://www.newswire.ca/en/releases/archive/December2021/14/c8612.html


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