LETHBRIDGE, ALBERTA--(Marketwired - March 10, 2014) - Robix Alternative Fuels Inc. ("Robix" or the "Corporation") (CSE:RZX) announced today that it intends to create a new business division, through a subsidiary entity, to enter into the marine industry. In connection with the new marine division, the Board of Directors has approved the formation of a wholly-owned subsidiary to be named "Corris Marine Limited", or such other name as the directors may approve, which will have an office in Montreal, Quebec. In addition, the Corporation is pleased to announce that Rick Carson, of Montreal, PQ, has agreed to join Robix as a Strategic Advisor.
Nathan Hansen, currently President & CEO of Robix commented, "Mr. Carson is a veteran entrepreneur in the marine industry. He possesses the skills and expertise to assist companies at the start-up stage, during periods of negotiating strategic alliances in the marine industry, and in the development of visionary exit strategies in complex marine asset transactions. I look forward with keen anticipation to working more closely with Rick in his role as Strategic Advisor." It is also anticipated that Mr. Carson will be nominated for election as a director of Robix at the upcoming Annual General Meeting of the shareholders of Robix, which is anticipated to occur on or about May 30, 2014. Mr. Carson commented, "I look forward to working more closely with the team at Robix in their growth and development in the marine industry. The timing for Robix to embark on its stated corporate journey looks very propitious."
Robix also announced that it intends to settle outstanding indebtedness of $665,031 through the issuance of 2,660,124 common shares of the Corporation at a deemed price of $0.25 per share. The common shares issued in connection with the debt settlement will be subject to a four month hold period.
The Corporation also announced that the Board of Directors has approved the issuance of an aggregate of 400,000 common shares of the Corporation to its two executive officers, Mr. Nathan Hansen, President and CEO and Mr. Robin Ray, Chief Financial Officer, as compensation for their services to the Corporation. The common shares will be subject to voluntary escrow provisions for a period of up to six months and may be earlier released upon the completion of certain significant transactions.
Robix also announced that it intends to enter into an agreement with Rayco Steel Inc., ("Rayco") of Sparwood, BC, wherein Rayco shall work on completion of engineering construction drawings for the anticipated construction of the first Clean Ocean Vessel.
Robix Alternative Fuels will go "Beyond The Press Release" to discuss the significance of this release and other corporate developments in an interview with AGORACOM Founder, George Tsiolis. The interview is expected to go live at 4pm EST on Tuesday March 11, 2014.
The Corporation is an "industrial products/technology" company, offering to investors a unique opportunity to participate in a leading company in the business of ownership of patents, and their development from commercialization to worldwide expansion through various business arrangements. Robix owns a Clean Ocean Vessel ("COV") patent, which is an oil spill recovery vessel design with the capability to recover oil in rough and debris laden sea conditions. Robix has recognized a worldwide market opportunity for effective containment, recovery and disposal equipment, particularly in the oil spill protection industry, and it proposes to develop a business model as a service provider, and/or equipment provider under licensing agreements with other industry participants, wherein Robix will use its COV patented design solution.
No stock exchange or any securities regulatory body has reviewed the contents of this news release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.