ProSep Inc. Announces Entering Into an Asset Purchase Agreement

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ProSep Inc. Announces Entering Into an Asset
Purchase Agreement With Produced Water
Absorbents, Inc. for the Sale of all of its Assets
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Press Release: ProSep Inc. and Produced Water Absorbents, Inc. – 2 hours 59 minutes ago
Companies: ProSep Inc.
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MONTREAL, QUEBEC--(Marketwired - Oct 24, 2013) - ProSep
RELATED QUOTES
Symbol
Price
Change
PRP.TO
0.035
-0.0150
Inc. (PRP.TO) ("ProSep" or the "Company") and Produced Water
Absorbents, Inc. ("PWA") announced today that they have
entered into an Asset Purchase Agreement ("APA"), pursuant to
which PWA will acquire substantially all of the assets of ProSep,
including all of the outstanding shares of the Company's
subsidiaries, for an aggregate consideration of $9,200,000 (the
"Sale Transaction").
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The Sale Transaction is expected to be implemented through a
Court-supervised process. To that end, ProSep intends to apply
for an Order from the Superior Court of the Province of Quebec
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(Commercial Division) (the "Court") to initiate proceedings under
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Essential guide to IHT
the Companies' Creditors Arrangement Act (Canada) ("CCAA").
How to preserve your assets and
estate
The completion of the Sale Transaction will be subject to
Download FREE Guide
obtaining approval of the sale and a vesting order from the Court.
The Sale Transaction is expected to close within 10 business days
following the receipt of the approval and vesting order from the
Court.
This process will not affect the Company's day-to-day operations. ProSep's subsidiaries will not be
subject to the CCAA proceedings. ProSep's subsidiaries has access to the funding necessary to
maintain operations and the business will continue without disruption during this period. ProSep's
subsidiaries will continue to fulfill their obligations to their customers and suppliers.
Stikeman Elliott LLP is legal counsel to ProSep. McCarthy Tétrault LLP is acting as legal counsel for
PWA.
About ProSep
ProSep is a technology-focused process solutions provider to the upstream oil and gas industry.
ProSep designs, develops, manufactures and commercializes technologies to separate oil, water and
gas generated by oil and gas production. For more information, please visit www.prosep.com.
About PWA
Produced Water Absorbents, Inc. (PWA) is a technology company which provides waste treatment
solutions and services to the oil and gas industry. It was founded in 2011 when venture capital
funding was secured from Energy Ventures of Norway and Harris and Harris Group, Inc. from the
USA. The foundation of the offering is a patented, regenerable and game-changing technology
called Osorb® Media. Osorb absorbs free, dispersed and soluble hydrocarbons from produced
water and other waste water streams to meet or exceed environmental discharge requirements.
Osorb also removes C4 and heavier hydrocarbons from gas streams to improve the value of sales
gas (hydrocarbon dew point reduction), improve burner efficiency (including flares), and to control
other environmental gaseous emissions. For more information, please visit www.pwasystems.com.
Caution concerning forward-looking statements
For cautionary statement concerning forward-looking statements, please refer to press release
available on the Company's website www.prosep.com and www.sedar.com
Contact:
ProSep Inc.
Investor Relations and Media:
Danielle Ste-Marie
VP Marketing & Corporate Development
(514) 522-5550 ext. 238
[email protected]
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