THERMAL EGY : Thermal Energy announces cancellation of 684,306 common shares
09/02/2011| 09:10am US/Eastern
OTTAWA, Sep. 2, 2011, 2011 (Canada NewsWire via COMTEX News Network) --
Thermal Energy International Inc, (TSX-V:TMG) (www.thermalenergy.com) (the "Company") today provided an update to its press release of May 5, 2011 in which the Company disclosed that, in connection with a review of the Company's affairs conducted by the TSX Venture Exchange, it was determined that the consideration given for the issuance of certain shares by the Company between November 2005 and June 2008 had been invalid and therefore such shares were not validly issued. As of May 5, 2011 the Company reported that a majority of such shares had been cancelled as a result of such lack of consideration.
The Company is pleased to report that during the month of August the Company was able to cancel an additional 684,306 common shares, representing the last of the shares that were identified as having invalid consideration. Accordingly, corresponding loans in an aggregate principal amount of $112,246 which were made by the Company to the shareholders in order to originally purchase such shares have also been cancelled.
The cancellation of such shares allows for the release of 287,639 shares of the Company from escrow. As previously disclosed, although he was not party to the transactions in question, the Company's CEO, William Crossland, voluntarily placed such shares from his personal holdings into escrow until such time as an equivalent number of shares issued pursuant to loans were either paid for in full or returned to the Company and cancelled.
About Thermal Energy
Thermal Energy International Inc. is an innovative cleantech company providing a variety of proprietary and proven energy efficiency, emission reduction, water efficiency, and bioenergy products and solutions to the industrial, commercial and institutional markets worldwide. Thermal Energy is also a fully accredited professional engineering firm, and can offer advanced process and applications engineering services. By providing a unique mix of proprietary products together with process, energy, environmental, and financial expertise Thermal Energy is able to deliver significant financial and environmental benefits to our customers. Thermal Energy's products include; GEM® - Steam traps and condensate return systems, FLU-ACE® - Direct contact condensing heat recovery, and Dry Rex(TM) - Low temperature biomass drying systems. These award winning products have an excellent track record of longevity, proven reliability and performance and have been shown to provide significant energy savings, reduced GHG emissions, improved water efficiency, lower maintenance costs, improved product quality and increased production efficiency. Thermal Energy International Inc. has offices in Ottawa, Canada, Bristol, UK and Guangzhou, China.
To find out more about Thermal Energy International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
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.
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SOURCE: Thermal Energy International Inc.
SOURCE: Green News
William Crossland Thermal Energy International Inc. (613) 723-6776 email@example.com
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