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.