TORONTO, ONTARIO -- (Marketwired) -- 10/03/13 -- Enssolutions Group Inc. (TSX VENTURE:ENV)(PINKSHEETS:NSLSF) ("Enssolutions" or the "Company"), a manufacturer and distributor of environmentally responsible emulsion products for a wide variety of industrial and commercial market demands, announced today that it will not be proceeding with its private placement of up to $2,000,000 through the issuance of up to 40,000,000 common shares at a price of $0.05 per common share (the "Private Placement"). The Company initially announced the Private Placement on October 24, 2012 and announced on August 9, 2013 that it intended to proceed with the Private Placement. Management has decided to terminate the Private Placement until such time as it is able to identify new strategic investors. Darren Dierich, the Chief Financial Officer of the Company added, "Enssolutions remains optimistic that it will secure potential sources of additional funding and identify new strategic investors for the Company."
Re-Pricing of Stock Options
The Company also announced that it granted 100,000 options (the "Options") to a consultant providing investor relations services to the Company on June 1st, 2012. Since the Options initially had an exercise price of $0.05 per common share, which was less than the minimum price permitted by the TSX Venture Exchange (the "Exchange") at the time of the grant, in August of 2013 the Company amended the exercise price to $0.10 per common share.
Shares for Debt Transaction
Additionally, the Company wishes to provide further details with respect to its August 9, 2013 news release wherein it reported the settlement of an interest payment in the amount of $3,479 on its outstanding unsecured debentures (the "Debentures") by the issuance to the Debenture holder of 69,572 common shares of the Company. The issuance of the Debentures was approved by the Exchange and was completed on March 16, 2011, as disclosed in a new release of the same date. The terms of the Debentures expressly permitted the payment of interest by the issuance of common shares of the Company, which the Company issued on May 28, 2012, however the Company did not obtain Exchange approval for the issuance of such shares as the Exchange's initial approval of the Debentures did not include the issuance of shares to settle any interest payments. Exchange approval has since been obtained by the Company as of September 24, 2013.
Enssolutions manufactures, distributes and applies environmentally responsible products to meet a wide variety of industrial and commercial market demands. Enssolutions provides engineered environmental solutions for mine tailings control, process dust and erosion control, granular stabilization, road construction/maintenance and stockpile sealing. It has production facilities in Hamilton, Ontario and Phoenix, Arizona that service some of North America's largest mining, steel, cement, and road construction/maintenance companies as well as numerous public road authorities.
For more information on Enssolutions, please visit www.enssolutions.com.
Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Enssolutions Group Inc.
Chief Financial Officer
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