GUELPH, ON, Dec. 2, 2021 /CNW/ - BIOREM Inc. (TSXV: BRM)
("Biorem" or "the Company") is pleased to announce that it has
completed the transaction to purchase for cancellation 23,434,121
common shares at $0.5256 per common
share from TPFG Environment Investment Limited ("TPFG") for an
aggregate purchase price of $12,316,974 (the "Share Repurchase").
The Share Repurchase was previously announced on August 5, 2021 and approved by disinterested
shareholders at a Special Shareholders meeting held September 16, 2021.
The Share Repurchase was financed through the use of a portion
of the Company's existing cash reserves and the proceeds from the
issuance of $4 million in term debt
and a $1 million operating line of
credit. Immediately following the closing of the Share Repurchase,
the Company has 15,477,437 issued and outstanding Common
Shares.
"This is a significant milestone for the Company" said
Derek Webb, President and CEO of
Biorem. "We believe that the purchase and cancellation of this
large block of shares will result in significant long term
accretion of earnings per share and share value to Biorem
shareholders."
In connection with the Share Repurchase, Mr. Ken Chen and Ms. Wei
Han have resigned as directors of the Company. The
Nominating and Corporate Governance Committee of the Board of
Directors is in the process of identifying candidates to act as
replacement directors until the next annual meeting of the
Company.
About BIOREM Inc.
BIOREM is a leading clean technology company that designs,
manufactures and distributes a comprehensive line of
high-efficiency air emissions control systems used to eliminate
odors, volatile organic compounds (VOCs), and hazardous air
pollutants (HAPs). With sales and manufacturing offices across the
continent, a dedicated research facility, a worldwide sales
representative network and more than 1,800 installed systems
worldwide, BIOREM offers state-of-the-art technology-based products
and peace of mind for municipalities, industrial companies and
their surrounding communities. Additional information on Biorem is
available on our website at www.biorem.biz.
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SOURCE Biorem Inc.