Earth Alive Clean Technologies Announces Court Approval of Interim Financing Facility and the Commencement of a Sale and Investment Solicitation Process
MONTRÉAL, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Earth Alive Clean Technologies Inc. (TSXV: EAC – “Earth Alive”or the “Company”) provides an update to its previous press release issued on October 22, 2024 following its filing, on the same date, of a Notice of Intention to Make a Proposal (the “NOI”) pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada) (the “BIA”). Raymond Chabot Inc. was appointed as proposal trustee to the NOI proceedings (the "Trustee ").
On November 1, 2024, the Company has sought and obtained from the Superior Court of Québec (the “Court”) an order (the “November 1, 2024 Order”), inter alia, (i) approving the interim financing facility pursuant to which a group of interim lenders – which includes management members, board members and shareholders – will advance interim financing to the Company in the amount of up to C$1,720,000 (the “Interim Financing Facility”) to provide the necessary liquidity to fund working capital needs and expenses throughout the NOI proceedings and (ii) authorizing the Company to pursue, under the supervision of the Court, with the assistance of the Trustee, a formal sale and investment solicitation process (the "SISP "), in order to conclude a transaction with a view to maximizing the value of the Company’s business and assets.
In order to participate in the SISP and obtain access to a virtual data room, all interested parties must comply with the terms and conditions set forth in the November 1, 2024 Order and in the process letter, copy of which is available on the website of the Trustee at https://www.raymondchabot.com/en/companies/public-records/earth-alive-clean-technologies-inc/.
Parties interested in participating in the SISP are reminded that (i) the due diligence period ends at 5:00 p.m. on December 20, 2024 and (ii) the deadline for submission of binding offers is 5:00 p.m. (Eastern Time) on December 20, 2024.
Anyone interested in participating in the SISP can contact the Trustee (Ayman Chaaban - Chaaban.Ayman@rcgt.com) or the Company’s legal counsel (Gabriel Lavery Lepage – glaverylepage@dwpv.com).
The Company will provide further updates as developments regarding the NOI proceedings and the SISP warrant. A copy of the relevant information regarding the NOI proceedings and the SISP is available on the Trustee 's website at the address provided above.
About Earth Alive Clean Technologies Inc.
Earth Alive is a leader in the microbial technologies industry. Earth Alive’s innovative products contribute to regenerative agriculture, natural dust suppression with minimal water use, and ecological, human-friendly industrial cleaning. For more information, please visit: https://earthalivect.com.
For inquiries, please contact:
Nikolaos Sofronis, CEO
Phone: 438-316-3562
Email: nsofronis@earthalivect.com
Forward-Looking Information
Some information in this press release may constitute forward-looking information and forward-looking statements, reflecting the current view of management regarding the Company’s objectives, plans, goals, strategies, prospects, operating results, financial performance, operational outlook, and opportunities. Words or expressions such as "anticipate ", "will ", "expect ", "potential ", "optimistic ", and similar terms identify forward-looking information and statements. These forward-looking statements should not be considered guarantees of future events, performance, or results, and they may not necessarily indicate whether, or when, such events, performance, or results will be achieved.
Factors that could impact the achievement of such events, performance, or results include, but are not limited to, the Company’s ability to:
(i) achieve its sales targets in 2024;
(ii) improve operational efficiency;
(iii) significantly increase sales;
(iv) realize its strategic vision for 2024; and other risks described in Earth Alive’s filings with Canadian securities regulatory authorities.
For more information about these risks and other risks, please refer to Earth Alive’s 2024 MD&A, Annual Report, and other filings made with Canadian securities regulatory authorities, available at https://sedarplus.ca. These documents are also available on our website at https://earthalivect.com. Earth Alive disclaims any obligation to update or revise any forward-looking statements, unless required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For inquiries, please contact:
Nikolaos Sofronis, CEO
Phone: 438-316-3562
Mobile: +352-621-395-338
Email: nsofronis@earthalivect.com
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