GUELPH, ON, Jan. 19, 2017 /CNW/ - BIOREM Inc. (TSX-V: BRM)
("Biorem" or "the Company") announced today that the sale of securities previously announced on June
24, 2016 by its major shareholders, Clean Technology Fund I, LP and Clean Technology Fund II, LP, United States
based venture capital funds to TPFG Environment Investment Limited ("TUS") (en.tusholdings.com), has closed.
The two US funds together hold approximately 59% of the common shares of Biorem on a fully diluted, as converted basis. The
transaction was completed at a purchase price equivalent to $0.345 per common share. In connection
with the closing, TUS has converted the convertible debentures which it acquired and exercised the share purchase warrants which it
acquired resulting in TUS owning 23,434,121 common shares of Biorem or approximately 65.6% of the total issued and outstanding
Biorem common shares. As of today's date, all of Biorem's Series I 2012 and Series II 2012 convertible debentures have been
converted into common shares. The conversion of the debentures, together with the final payment on December 30, 2016 on the Company's other outstanding debenture results in the Company being free of any funded
debt.
"Management is excited at the opportunity that this strategic investor brings for the Company", said Derek S. Webb, President and CEO. "Access to international markets has historically provided options for
growth, and this transaction now provides us with greater access to China, the largest
environmental opportunity available".
"The TUS Holdings Group (headquartered in Beijing) represents a diverse set of companies
engaged in the water, wastewater, solid waste and renewable energy sectors, with approximately $30B
in assets. Their brand for quality, reliability and innovation will have a positive impact on our ability to further
penetrate the Chinese and Asian markets and leads to tremendous opportunity for accelerated growth in 2017."
Mr. Bernardo Llovera, representing the Clean Technology Funds I and II has resigned from the
board of directors. Mr. Llovera has been a board member of Biorem for over twelve years. His dedicated service and unrelenting
support has been instrumental in shaping and expanding the company into the multinational leader in air pollution control of today.
The board and management express sincere appreciation for his enthusiastic and collegial contributions.
As of January 18, 2017, Ms. Sandy Ding and Mr. Qing Zhao of Tus
Holdings Group have been appointed as directors of the Corporation.
About BIOREM Inc.
BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency
air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With
sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and
more than 1000 installed systems worldwide, BIOREM offers state-of-the-art technology-based products and peace of mind for
municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our
website at www.biorem.biz.
SOURCE Biorem Inc.
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