BLAINVILLE, Quebec, June 12 /PRNewswire/ --
- 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 (http://www.newswire.ca/en/releases/archive/March2009/17/c9710.html).
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.
For further information: Xebec Adsorption Inc.: Andrew Hall, VP Sales Business Development, +1-450-979-8713, firstname.lastname@example.org; http://www.xebecinc.com; Media contacts: Anik Trudel, Edelman, +1-514-844-6665, ext. 241, email@example.com; Émilie Verret, Edelman, +1-514-844-6665, ext. 225, firstname.lastname@example.org
For further information: Xebec Adsorption Inc.: Andrew Hall, VP Sales Business Development, +1-450-979-8713, email@example.com; Media contacts: Anik Trudel, Edelman, +1-514-844-6665, ext. 241, firstname.lastname@example.org; Émilie Verret, Edelman, +1-514-844-6665, ext. 225, email@example.com