TORONTO, ONTARIO--(Marketwired - Jan. 27, 2017) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.
CHAR Technologies Ltd. (the "Corporation") (TSX VENTURE:YES) is pleased to announce that it completed its final shipment of SulfaCHAR for Sulfatech Chile SpA ("Sulfatech"), a key milestone in the development of a joint venture between the Corporation and Sulfatech.
The Corporation also announces that its Board of Directors has today approved the grant of 720,000 stock options to directors, officers and consultants of the Corporation, which options are exercisable into common shares of the Corporation at a price of $0.18 per common share in accordance with TSX Policy 4.4, subject to the rules of the TSX Venture Exchange and the Corporation's Stock Option Plan. The options have a term of five years and will expire on January 27, 2022. An aggregate of 220,000 of the options granted will vest with a consultant of the Corporation on, and are subject to, the successful completion of specific business development milestones.
The Corporation is in the business of producing a proprietary activated charcoal like material ("SulfaCHAR"), which can be used to removed hydrogen sulfide from various gas streams (focusing on methane-rich and odorous air). The SulfaCHAR, once used for the gas cleaning application, has further use as a sulfur-enriched biochar for agricultural purposes (saleable soil amendment product).
Certain statements contained in this press release contain "forward-looking information" ("forward-looking statements") within the meaning of Canadian securities laws, including statements regarding the joint venture between the Corporation and Sulfatech. These forward-looking statements represent the Corporation's expectations or beliefs concerning future events, and it is possible that the events described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Corporation's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Corporation does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Corporation to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Corporation's MD&A dated January 20, 2017 and available under the Corporation's profile on www.sedar.com. Such risks could cause actual events or the Corporation's actual results to differ materially from those contained in any forward-looking statement.
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.