TSXV: CST
QUEBEC CITY, Jan. 22, 2020 /CNW Telbec/ - CO2 Solutions Inc.
("CO2 Solutions" or the "'Corporation") announced today that it has
negotiated the sale of the entirety of the Corporation's assets in
two separate transactions. In the context of the proceedings
related to the notice of intention to make a proposal pursuant to
the provisions of Part III of the Bankruptcy and Insolvency Act
(Canada) filed in late 2019 by the
Corporation, these transactions were approved by the Superior Court
of Quebec respectively on
December 19, 2019 and January 17, 2020.
Developed over the past twenty years by Canadian scientists and
engineers, and directly or indirectly supported by the governments
of Canada, Quebec, Alberta, the United
States and the European Union, CO2 Solutions' proprietary
enzymatic process is a unique CO2 capture technology that can claim
no usage or emission of toxic products, demonstration at scale (30
tonnes-CO2 per day), validation by credible third-parties and
attainment of commercial status (TRL-8).
In the first transaction, approved on December 19, 2019, the Corporation sold its
portfolio of intellectual property, including approximatively 90
patents granted or pending and the Corporation's trademarks,
the CO2 capture unit located at the pulp mill of Resolute Forest
Products in Saint-Félicien, Québec and certain contracts related
thereto, to Saipem S.P.A and Saipem Canada Inc (collectively,
"Saipem"). Saipem Canada Inc. has also taken on CO2 Solutions'
employees to ensure the smooth continuation of the R&D and
operations.
In the second transaction, approved on January 17, 2020, the Corporation sold its CO2
capture unit located in Montreal-East, Québec, to Chimie Parachem
in a first instance with a possible resale to a third-party,
contingent on certain follow-on agreements associated with this
transaction being concluded in the coming months.
The net proceeds of these two transactions will partially
compensate amounts owed to creditors by the Corporation.
On December 20, 2019, Ernst &
Young inc. was named by the Corporation's special committee as
trustee and interim receiver, further to which the directors and
officers of the Corporation resigned from their respective
corporate positions.
About Saipem
Established in Milan Italy, with
over 60 years of history, Saipem is a leading company in
engineering, drilling and construction of major projects in the
energy and infrastructure sectors. It is "One-Company" organized in
five business divisions (Offshore E&C, Onshore E&C,
Offshore Drilling, Onshore Drilling and XSIGHT, dedicated to
conceptual design). Saipem is a global solution provider with
distinctive skills and competences and high-tech assets, which it
uses to identify solutions aimed at satisfying customer
requirements. Listed on the Milan Stock Exchange, it is present in
over 70 countries worldwide and has 32 thousand employees of 120
different nationalities.
SOURCE CO2 Solutions Inc.