ProSep Inc. (TSX:PRP) ("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").


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 (Commercial Division) (the "Court") to initiate
proceedings under the Companies' Creditors Arrangement Act (Canada) ("CCAA").
The completion of the Sale Transaction will be subject to 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 Tetrault 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(R)
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 


FOR FURTHER INFORMATION PLEASE CONTACT: 
ProSep Inc.
Investor Relations and Media:
Danielle Ste-Marie
VP Marketing & Corporate Development
(514) 522-5550 ext. 238
dste-marie@prosep.com
Purpose Conservative Inc... (TSX:PRP)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024 Click aqui para mais gráficos Purpose Conservative Inc....
Purpose Conservative Inc... (TSX:PRP)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024 Click aqui para mais gráficos Purpose Conservative Inc....