TORONTO, July 24, 2014 /CNW/ - EnviroMatrix Technologies Inc. ("ETI"),
holding not less than 5% of the issued and outstanding voting shares of
Process Capital Corporation (the "Corporation") requested the current
directors of the Corporation to call a special meeting of the
shareholders of the Corporation. As the existing Board failed to call
the meeting as requested, ETI has called the meeting in the best
interests of the shareholders of the Corporation. The special
meeting of the shareholders of the Corporation will be held on Thursday
August 14, 2014 at 2pm at Sandman Signature Toronto Airport Hotel, 55
Reading Court, Toronto, ON, M9W 7K7.
Shareholders of record as of July 14, 2014 will be entitled to vote on
the election of directors, appointment of auditors, to ratify and
confirm all previous acts, contracts, by-laws, proceedings,
appointments and payments made and all other actions taken to date by
the directors and officers of the Corporation, except any actionable
misrepresentations made regarding the Corporation or its subsidiaries,
and to transact such other business as may properly be brought before
the Meeting or any adjournment thereof. The shareholders must also
agree to hold the meeting outside of Alberta, where the Corporation is
incorporated.
An information circular and proxy dated July 14, 2014 is being forwarded
to shareholders of record. Shareholders who do not receive a circular
and proxy may contact Magaly Bianchini at magbian@yahoo.com. The Circular with respect to the meeting is available at www.sedar.com.
About Process Capital Corporation and EnviroMatrix Technologies Inc.
Process Capital Corporation ("POR") is an environmental technology
investment company that was listed on the TSX Venture Exchange. POR
operated through its operating subsidiaries Advanced Process Fuels Inc.
and 941037 Ontario Limited was in the business of selling, designing
and building waste oil micro-refineries, which convert waste crankcase
oil to diesel fuel, industrial burner fuel, process gas, naphtha, and
coke. Currently these subsidiaries are inactive. The Corporation's
common shares are not listed on any recognized stock exchange. The
Corporation faced severe financial difficulties in 2010 as its ability
to fund its operations ceased. The Corporation does not currently
carry on any active business. On May 9, 2012, the British Columbia
Securities issued a cease trade order as a result of the failure to
file certain required financial statements, followed soon after by
cease trade orders from the securities commissions of Alberta and
Ontario. Trading in the Corporation's shares on TSX-V was suspended at
the same time.
To date, POR has not earned significant revenue and has experienced
significant operating losses and negative cash flows and has a working
capital deficit at December 31, 2010 of $4,221,085 (2009 - $2,667,938).
The Corporation has relied primarily on the support of its
shareholders, lenders and on the issuance of share capital to continue
its operations. EnviroMatrix Technologies Inc. ("ETI") is the
beneficial owner of approximately 51.4% of the issued and outstanding
shares of POR. ETI called the meeting to restructure the Board, which
will replace the senior management of POR, with a view to capitalizing
on POR's technology and to appoint MNP LLP as auditors of POR.
ON BEHALF OF THE BOARD OF DIRECTORS OF ENVIROMATRIX TECHNOLOGIES INC.:
Magaly Bianchini, President and Director
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
the term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy of accuracy of this news
release.
SOURCE Process Capital Corp.
