TORONTO, ONTARIO--(Marketwire - April 4, 2012) - Organic Resource Management Inc. (TSX VENTURE:ORI) ("ORMI" or "the Company"), is providing an update to its previously announced strategic alternatives review in order to provide clarity because of the significant amount of time that has elapsed in the process.
As previously announced, in December 2010, the Company's Board of Directors formed a Special Committee of its independent Directors to examine and explore matters relating to a number of expressions of interest received from third parties to acquire the Company. In January 2011, the Special Committee retained Duff & Phelps Corporation (NYSE:DUF) as financial advisor to evaluate and assist in the exploration of strategic alternatives available to maximize shareholder value.
The strategic alternatives process was hindered by the risk associated with the previously announced motor vehicle accident claim that significantly exceeded the limits of the Company's insurance coverage. As announced on March 21, 2012, the aforementioned claim settled within the limits of the Company's insurance coverage subject to court approval. As a result, the Company and its advisors have recommenced discussions with a number of interested parties, and are now diligently working to conclude the strategic alternatives review as expeditiously as is appropriate.
The Board of Directors cautions the Company's shareholders and others considering trading in its securities that no decisions have been made by the Board of Directors or the Special Committee with respect to selling the shares or assets of the Company. There can be no assurance that any definitive offer will be received or accepted, that any agreement will be executed, or that any transaction will be consummated.
About Organic Resource Management Inc.
Organic Resource Management is Canada's largest provider of vacuum truck services for the collection, processing and recycling of food-related organic residuals into feedstock for biogas renewable energy production. ORMI and its biogas partners are on target to generate enough green energy to supply 2,000 households in 2012. ORMI services in excess of 10,000 grease interceptors for commercial, industrial and institutional customers across Canada on a regularly-scheduled basis. These services are a critical component of current program initiatives in North American landfill waste diversion and wastewater treatment. Further information about ORMI may be obtained at the Company's web site at www.ormi.com.
Forward Looking Statements
Certain information contained in this press release may be forward-looking and therefore subject to unknown risks or uncertainties.
Neither 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:
Charles Buehler
Chairman and CEO
416-580-8574
cbuehler@ormi.com
www.ormi.com