Enssolutions Group Inc.

Enssolutions Group Inc.

March 22, 2017 16:00 ET

Enssolutions Group Inc. Confirms Proposed Sale of U.S. Subsidiary Did Not Proceed

TORONTO, ONTARIO--(Marketwired - March 22, 2017) - Enssolutions Group Inc. (NEX:ENV.H)(OTC PINK:NSLSF) (the "Corporation"), a manufacturer and distributor of environmentally responsible emulsion products for a wide variety of industrial and commercial market demands, confirms that a transaction (the "Proposed U.S. Sale Transaction") with Enssolutions, Inc., a company wholly-owned by David C. Lincoln, a director and majority shareholder of the Corporation, whereby the Corporation agreed, subject to certain conditions, that it would sell to Enssolutions, Inc., its wholly-owned U.S. subsidiary, Enssolutions Corporation, did not proceed. As the conditions to consummating the Proposed U.S. Sale Transaction were not satisfied, including approval by the board of directors of the Corporation (with David C. Lincoln abstaining), the purchase and sale agreement was terminated and the purchase and sale was not completed. Details of the Proposed U.S. Sale Transaction were initially disclosed in a Form 10 filing made by Enssolutions, Inc. on March 13, 2015 with the United States Securities and Exchange Commission in connection with a proposed registration of securities under Section 12(b) or 12(g) of the United States Securities Exchange Act of 1934.

The Corporation continues in its process of identifying and evaluating potential acquisitions of businesses and assets as well as sources of future funding in order to execute on its business plan.

The shares of the Corporation remain subject to cease trade orders issued by the Ontario Securities Commission, the British Columbia Securities Commission and the Alberta Securities Commission on May 8, 2015, May 11, 2015 and August 28, 2015, respectively (the "Cease Trade Orders"). The Corporation is currently in the process of applying for revocations of the Cease Trade Orders.

About Enssolutions

Enssolutions manufactures, distributes and applies environmentally responsible products to meet a wide variety of industrial and commercial market demands. Enssolutions provides engineered environmental solutions for mine tailings control, process dust and erosion control, granular stabilization, road construction/maintenance and stockpile sealing. It has production facilities in Beamsvile, Ontario and Phoenix, Arizona that service some of North America's largest mining, steel, cement, and road construction/maintenance companies as well as numerous public road authorities.

For more information on Enssolutions, please visit www.enssolutions.com.

Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary 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.

Contact Information

  • James D. Staudohar
    Interim President and Chief Executive Officer
    Tel: (877) 520-6767
    Email: jims@enssolutions.com