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Posted on January 17, 2025 • 2 min read
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Montreal, January 17, 2025 (GLOBE NEWSWIRE) — Earth Alive Clean Technologies Inc. (TSXV: EAC – “Earth Alive” or “a company”) announces its intention to complete the sale transaction and the additional steps (collectively referred to as “practical“) pursuant to the Subscription Agreement dated January 17, 2025 (“Subscription Agreement“), between the Company and 9530-8086 Québec Inc. (“the buyer“). The promoters of the Purchaser comprise a group of investors, including Mr. Eric Boumans (Director of the Company) and Mr. Nikolaos Sofronis (Director and CEO of the Company). The Subscription Agreement in relation to the Company’s proceedings is concluded under Bankruptcy and Insolvency Law (Canada) (“Pia“”) and the related sales and investment solicitation process (“SISP“) approved by the Superior Court of Quebec (“court“), whereby the buyer has been selected as the winning bidder under the SISP.
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The Transaction, as set forth in the Subscription Agreement, provides, among other things, that (i) the Purchaser will subscribe certain common shares to the capital of the Company, (ii) all other equity interests in the Company will be cancelled, for no consideration and ( 3) Upon the closing of the transaction contemplated by the Subscription Agreement, the Purchaser will retain all of the issued and outstanding common shares of the Company, all of which are subject to the terms and conditions of the Subscription Agreement. The subscription agreement stipulates that the vast majority of the company’s debt will be assumed and all the company’s employees will continue to be employed.
The transaction is the result of the implementation of the SISP, is conditional on court approval, among other things, and must be triggered by a reverse vesting order and certain additional reliefs, which will be granted with the BIA proceedings.
The company intends to submit an application for approval of the deal in the coming days. Additional information regarding the BIA’s procedures can be found on the Trustee’s website at: https://www.raymondchabot.com/en/companies/public-records/earth-alive-clean-technologies-inc/.
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Anyone interested in obtaining further information about the BIA or SISP proceedings or the Transaction should contact the Proposal Secretary (Ayman Chaaban – Chaaban.Ayman@rcgt.com) or the Company’s Legal Counsel (Gabriel Lavery Lepage – glaverylepage@dwpv.com).
About Earth Alive Clean Technologies Inc.
Earth Alive is an industry leader in microbial technologies. Earth Alive’s innovative products contribute to regenerative agriculture, natural dust suppression using minimal water, and environmental and human-friendly industrial cleaning. For more information, please visit: https://earthalifect.com.
For inquiries, please contact:
Nikolaos Sofronis, CEO
Phone: 438-316-3562
Email: nsofronis@earthalivect.com
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