PRP Purpose Conservative Income Fund

ProSep Inc. (TSX:PRP) (the "Company") announced today that it has completed its
previously announced sale of substantially all of its assets, including all of
the shares of the Company's direct subsidiaries (the "Sale Transaction"), to a
wholly-owned subsidiary of Produced Water Absorbents, Inc., PWA ProSep, Inc.
("PWA") pursuant to an asset purchase agreement dated as of October 23, 2013. As
a result of the completion of the Sale Transaction, the Company no longer has
any commercial activities and will change its name to 2907160 Canada Inc. The
business of the Company's subsidiaries will continue to be carried on by PWA.


The Company is currently under creditor protection pursuant to the Companies'
Creditors Arrangement Act (Canada) (the "CCAA"). The Sale Transaction was
approved by the Superior Court of Quebec (Commercial Division) (the "Court") on
October 28, 2013. 


The net proceeds from the Sale Transaction are being held by the CCAA
Court-appointed monitor, KPMG Inc. (the "Monitor") and will be utilized or
released pursuant to current orders of the Court and such further order of the
Court as may be granted from time to time. Prior to any distribution of the net
proceeds held by the Monitor to the creditors of the Company, a court-approved
claims process will be undertaken to identify creditor claims against the
Company and adjudicate or resolve claims filed. The timing and amount of any
distribution to be paid to creditors of the Company cannot be determined at this
time. However, it is expected that there will be no recovery for the Company's
shareholders after settlement of creditors' claims.


Upon completion of the distribution of the net proceeds, the existing directors
of the Company will resign and it is intended that the Company be dissolved.


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(R)
Media. Osorb adsorbs 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 http://www.pwasystems.com. 


Caution concerning forward-looking statements 

This press release may contain forward-looking statements within the meaning of
Canadian securities laws. Forward-looking statements can generally be identified
by the use of the conditional tense, the words "may", "should", "would",
"believe", "plan", "expect", "intend", "anticipate", "estimate", "foresee",
"objective" or "continue" or the negative of these terms or variations of them
or words and expressions of similar nature and includes, but is not necessarily
limited to, suggestions of future outcomes, including, in particular,
forward-looking statements regarding the expected timetable for determination
and payment of creditor claims, the Court review under the CCAA proceedings and
the approvals required thereunder, the ability of the Company to pay all of its
creditors. These forward-looking statements are based on, among other things,
management's assumptions, expectations, estimates, objectives, plans and
intentions as of the date hereof. Although the Company believes that the
expectations and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will prove to be
correct. Because forward-looking statements address future events and
conditions, by their very nature they involve numerous inherent risks and
uncertainties that contribute to the possibility that the forward-looking
statements may prove to be incorrect. 

The Company cannot assure investors that any of these forward-looking statements
will prove to be accurate. Further, if any of these statements are inaccurate,
the inaccuracy may be material. Actual performance and results could differ
materially from those currently anticipated in the forward-looking statements
due to a number of factors and risks. Some of the factors that could cause such
differences include, but are not limited to: the ability of the Company to
complete the creditor claims process and distribute any amounts in connection
with that process, the discretion of the Court in the CCAA proceedings, delays
resulting from or inability to obtain required approvals. Assumptions,
expectations and estimates made in the preparation of forward-looking statements
and risks that could cause actual results to differ materially from current
expectations are further discussed under "Selected Risks" in the latest MD&A. In
light of the significant risks and uncertainties in these forward-looking
statements, investors should not place undue reliance on or regard these
statements as a representation or warranty by the Company or any other person
that the Company will achieve its objectives, strategies and plans in any
specified time frame, if at all. The forward-looking statements contained or
incorporated by reference in this press release relate only to events as of the
date on which the statements are made. Except as required under applicable
securities legislation, the Company does not undertake to update or revise these
forward-looking statements, whether as a result of new information, future
events or otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Jacques L. Drouin
President and CEO
(514) 522-5550 ext. 226

Grafico Azioni Purpose Conservative Inc... (TSX:PRP)
Storico
Da Nov 2024 a Dic 2024

Grafico Azioni Purpose Conservative Inc... (TSX:PRP)
Storico
Da Dic 2023 a Dic 2024