ProSep Inc. Announces Entering Into an Asset Purchase Agreement
Transcription
ProSep Inc. Announces Entering Into an Asset Purchase Agreement
New User? Register Sign In Help Upgrade to Safer IE9 Mail My Yahoo Yahoo Search Web HOME EARNINGS INVESTING ALL TOPICS NEWS & OPINION SMALL CAPS ECONOMY MY PORTFOLIOS MARKET MOVERS PERSONAL FINANCE UPGRADES & DOWNGRADES PROPERTY NEWSPAPER TIPS ProSep Inc. Announces Entering Into an Asset Purchase Agreement With Produced Water Absorbents, Inc. for the Sale of all of its Assets REAL MONEY RSS FEEDS SMALL BUSINESS UK BUDGET 2013 MOST POPULAR STORIES Apple unveils iPad Air, new Macs for … The toad that turned into a nice little … Japan whitening creams spark 15,000 … Cyprus banks to endure further losses … Ex-RBS banker takes helm at troubled … More Stories » Press Release: ProSep Inc. and Produced Water Absorbents, Inc. – 2 hours 59 minutes ago Companies: ProSep Inc. RATES & DEALS 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"). Credit cards 0% balance transfers up to 28 months, 0% purchases up to 18 months - compare 200+ credit cards insta … More » Should you buy shares in Royal Mail? As Royal Mail is to float, we explain the real reason for the sale and why shares could be a bargain … More » 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 RELATED CONTENT (Commercial Division) (the "Court") to initiate proceedings under FREE FINANCE GUIDE 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] EDITOR PICKS 60 homes in 60 years: Couple who love to Is switching energy providers pointless? YAHOO UK & IRELAND FINANCE Baking just isn’t worth it (financially) ALSO ON YAHOO Money doesn't grow on trees, gold leaf does Personal Finance Answers Movies TV Investing Property Cars News Travel News & Opinion Real Money Games omg! Small Business Lifestyle Sport Home My Portfolios All Yahoo Services » Copyright © 2013 Marketwire L.P. All rights reserved. All the news releases provided by Marketwired are copyrighted. 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