MONTRÉAL, Jan. 31, 2025 /CNW/ - Earth Alive Clean Technologies Inc. (TSXV: EAC) ("Earth Alive" or the "Company") announces the completion of the sale transaction and its ancillary steps (collectively, the "Transaction") contemplated by the Subscription Agreement, dated January 17, 2025 (the "Subscription Agreement"), between the Company and 9530-8086 Québec Inc. (the "Purchaser"). The promoters of the Purchaser comprises a group of investors, including Mr. Erik Bomans (a director of the Company) and Mr. Nikolaos Sofronis (a director and the chief executive officer of the Company). The Subscription Agreement was entered into in connection with the Company's proceedings under the Bankruptcy and Insolvency Act (Canada) (the "BIA") and the related sales and investment solicitation process conducted under the supervision of Raymond Chabot Inc. and the Superior Court of Québec (Commercial Division) (the "Court"). The Subscription Agreement and the Transaction contemplated thereby were approved by the Court on January 24, 2025.
Pursuant to the Transaction: (i) the Purchaser subscribed for 1,000 shares of a new class of common shares in the capital of the Company, denominated as "Class A common shares", (ii) all other equity interest in the Company have been cancelled, for no consideration, including all of the issued and outstanding common shares of the Company previously issued, and (iii) certain excluded liabilities and excluded assets were transferred to newly-incorporated special-purpose vehicles (the "ResidualCos") who were incorporated for such purpose. Following closing of the Transaction, the Purchaser now holds all of the issued and outstanding shares in the capital of the Company. The vast majority of the Company's indebtedness was assumed under the Transaction, and all of the Company's Employees will continue to be employed by the Company.
Following the closing of the Transaction, it is expected that the Company will cease to be a petitioner in the bankruptcy proceedings, and that the ResidualCos will be liquidated and wound-up by way of bankruptcy proceedings.
On January 30, 2025, the Autorité des marchés financiers (Québec) had issued a partial revocation order in respect of the failure-to-file cease trade order issued by the AMF on September 4, 2024, solely for the purpose of completing the Transaction with the Purchaser.
Following the completion of the Transaction, the Company now intends to apply for a cease to be a reporting issuer order for ceasing to be a reporting issuer in all jurisdictions of Canada.
Additional information related to the Transaction and the BIA proceedings can be found on the Trustee's website at the following address: https://www.raymondchabot.com/en/companies/public-records/earth-alive-clean-technologies-inc/.
Anyone interested in obtaining more information about the BIA proceedings, the SISP or the Transaction should contact the proposal trustee (Ayman Chaaban - [email protected]).
About Earth Alive Clean Technologies Inc.
Earth Alive is a leader in the microbial technologies industry. Earth Alive's innovative products contribute to regenerative agriculture, natural dust suppression with minimal water use, and ecological, human-friendly industrial cleaning. For more information, please visit: https://earthalivect.com.
SOURCE Earth Alive Clean Technologies Inc.
For inquiries, please contact: Nikolaos Sofronis, CEO, Phone: 438-316-3562, Email: [email protected]
