QUEBEC CITY , Oct. 16, 2019 /CNW Telbec/ - CO2 Solutions Inc. ("CO2 Solutions" or the "'Corporation") announced today that it had requested and obtained an extension to the stay of proceedings and to the delay granted to make a proposal to its creditors in relation with the filing, on September 16, 2019 , of a notice of intention to make a proposal in accordance with the provisions of Part III of the Bankruptcy and Insolvency Act ( Canada ). Ernst and Young Inc. will continue, as appointed trustee, to assist CO2 Solutions in its restructuring efforts.
As a consequence of this extension, all recourses by the unsecured creditors of the Corporation will be stayed for an additional 45-day period (which may be extended by the Court), which will protect CO2 Solutions and its assets from claims from its creditors while it pursues its restructuring efforts at least until November 30, 2019 .
About CO2 Solutions Inc.
CO2 Solutions is a Canadian Corporation and leading innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Utilization and Sequestration and (CCUS), positioning it as a viable CO2 mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO2 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient post-combustion capture of carbon dioxide with low‐energy aqueous solvents. Further information can be found at www.co2solutions.com.
CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events and reflect the current assumptions and expectations of management. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "predicts", "potential", "targeted", "plans", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved.
Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, (i) the outcome of the review process of all strategic alternatives available to the Corporation, (ii) the ability of the Corporation to submit a proposal acceptable to its creditors; (iii) the ability of the Corporation to continue its activities; (iv) the ability of the Corporation to secure additional funds, (v) general business and economic uncertainties, (vi) third party events and adverse market conditions and (vii) those risks set out in the Corporation's public documents filed on SEDAR. The Corporation's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made. Consequently, all forward-looking statements made in this news release involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements.
Readers are cautioned not to place undue reliance on such forward-looking statements. CO2 Solutions undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
Neither the 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.
SOURCE CO2 Solutions Inc.
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