MEDIA RELEASE PR35035
Xebec Adsorption Inc. consolidates its position as global purification leader in the clean
energy, hydrogen and renewable natural gas sectors
BLAINVILLE, QC, June 12 /CNW-AsiaNet/
Merger of Xebec Adsorption and QuestAir Technologies completed
Xebec Adsorption Inc. (TSX: XBC) ("Xebec"), the company formed by the merger of QuestAir
Technologies Inc. ("QuestAir") and Xebec Adsorption Inc. ("Xebec Adsorption"), today announced
that the previously approved statutory plan of arrangement (the "Arrangement") involving
QuestAir and Xebec Adsorption, has been completed.
Xebec, the merged company, will immediately leverage the available
synergies in gas purification, global distribution and manufacturing to expand
its market share in clean energies, such as hydrogen purification, biogas
upgrading and natural gas dehydration.
"The closing of our merger with QuestAir allows us to deliver strong and
compelling benefits to our customers, shareholders and employees," said Kurt
Sorschak, the former President of Xebec Adsorption who is now President and
Chief Executive Officer of Xebec.
"Xebec is focused on creating a world powered by clean energy. We now
have a solid product offering for the growing renewable energy industry,
complementing our market-leading position in dehydration technology for clean
fuels such as CNG. In addition, we have considerably improved our leadership
position in adsorption technology, in particular, our hydrogen and biogas
upgrading capabilities have been significantly strengthened," Sorschak added.
Xebec's proprietary adsorption technology is used to remove impurities
such as sulphur, water vapour and carbon dioxide from natural gas, hydrogen
and other gases, enabling the purified gases to be used in process
applications as well as to power vehicles, generate electricity and heat
homes.
"This merger provides the management resources, technological leadership
and worldwide footprint required to grow our opportunities in renewable and
clean energy and create shareholder value," said Sorschak.
As a result of the merger, former Xebec Adsorption shareholders now hold
approximately 45 percent of the common shares of Xebec and former QuestAir
shareholders hold approximately 55 percent of the common shares of Xebec. The
former Xebec Adsorption shareholders will be able to earn additional shares to
increase their shareholding to approximately 57 percent of Xebec. The number
of additional shares earned will be based on the achievement of certain
financial targets in the 2009 and 2010 fiscal years.
The shares of Xebec will trade on the Toronto Stock Exchange (TSX) under
the name "Xebec Adsorption Inc." and the symbol "XBC". No action is required
by holders of common shares of QuestAir to exchange their certificates for
certificates of Xebec. Certificates for common shares of QuestAir will be
replaced against transfer or upon request by a registered holder. There are
approximately 26.5 million shares of Xebec outstanding as a result of the
merger.
Xebec has a blue-chip base of more than 1,300 customers worldwide. The
company maintains leading research and development and testing capabilities in
adsorption technology, operates manufacturing facilities in Canada and China,
and has distribution capabilities throughout North America, Asia and Europe.
Xebec is headquartered in Blainville, Quebec, a suburb north of Montreal;
other offices are strategically located in Shanghai, China; Singapore;
Newcastle, UK; and Burnaby, British Columbia.
For more information on the merger, shareholder benefits, anticipated
synergies and strategic business plan going forward for Xebec, please see the
March 17, 2009 media release:
QuestAir Technologies and Xebec Adsorption merger to create a North
American leader in renewable natural gas and gas purification
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global leader in gas purification and
dehydration systems for clean energy, hydrogen and renewable natural gas.
Xebec has manufacturing and research and development locations in China and
Canada, and an extensive sales and distribution network serving more than
1,300 customers in North America, Asia and Europe. Xebec is headquartered in
Blainville, Quebec, Canada and its shares trade on the TSX under the symbol
"XBC".
Forward Looking Statements
Certain statements in this press release may constitute "forward-looking"
statements within the meaning of applicable securities laws. This forward
looking information includes, but is not limited to, the expectations and/or
claims of management of QuestAir and Xebec with respect to the completion of
the transaction, the synergies that can be achieved by combining the two
companies, and information regarding the business, operations and financial
condition of QuestAir and Xebec. Forward looking information contained in this
press release involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of QuestAir,
Xebec and the merged company, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and uncertainties include, but are
not limited to uncertainties with regard to anticipated synergies and other
benefits of the transaction. This list is not exhaustive of the factors that
may affect forward-looking information contained in this press release. When
used in this press release, such statements use such words as "anticipate",
"believe", "plan", "estimate", "expect", "intend", "may", "will" and other
similar terminology. These statements reflect current expectations regarding
future events and operating performance and speak only as of the date of this
press release. Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future performance or
results, and will not necessarily be accurate indications of whether or not
such results will be achieved. A number of factors could cause actual results
to differ materially from the results discussed in the forward-looking
statements.
SOURCE: Xebec Adsorption Inc.
CONTACT: Xebec Adsorption Inc.:
Andrew Hall, VP Sales & Business Development,
Media contacts:
Anik Trudel, Edelman,
+1 (514) 844-6665, ext. 241, anik.trudel(at)edelman.com;
Émilie Verret, Edelman,
+1 514) 844-6665, ext. 225, emilie.verret(at)edelman.com
(XBC.)
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