Scandoil  

ProSep enters into an asset purchase agreement with Produced Water Absorbents


Published Oct 25, 2013
ProSep - gas membrane system

ProSep Inc. and Produced Water Absorbents, Inc. 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.

Tags: ProSep Inc.




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml