LETHBRIDGE, ALBERTA--(Marketwired - Mar 24, 2017) - Robix Environmental Technologies, Inc. ("Robix" or the "Corporation") (CSE:RZX)(RZX.CN)(R0X.F) announced today that it intends to settle outstanding indebtedness of $42,000 through the issuance of 210,000 common shares of the Corporation at a deemed price of $0.20 per common share (the "Debt Settlement"). The common shares issued in connection with the Debt Settlement will be subject to a hold period of four months from the date of closing.
In connection with the acquisition of Formation Fluid Management Inc. ("FFM"), which company was acquired by Robix on October 7, 2016 through the amalgamation of FFM with a wholly-owned subsidiary of Robix ("SubCo") (see Robix's October 11, 2016 news release), and pursuant to a previous loan agreement between FFM and the Royal Bank of Canada ("RBC") (see Robix's February 17, 2017 news release), RBC has filed a statement of claim seeking an order for the appointment of a receiver and manager of SubCo and judgment against SubCo in the amount of $488,694, together with interest and costs.
Robix is focused on the worldwide market for oil containment, recovery and cleaning equipment specifically for the oil spill protection, oil production and water cleaning and purification industries. To that end, Robix has commercialized its C Series Clean Ocean Vessel and the P Series Stationary Platform; both are based on a patented revolutionary oil recovery technology. The C Series is a vessel that recovers oil in rough ocean waters, lakes, rivers and tailings ponds in virtually any conditions. The P Series is an oil recovery platform designed to accelerate oil recovery from settling ponds at production facilities. The Company also offers a suite of Hydro Cycle Water purification and cleaning products.
No stock exchange or any securities regulatory body has reviewed the contents of this news release.