LETHBRIDGE, Alberta, Feb. 17, 2017 (GLOBE NEWSWIRE) -- Robix Environmental Technologies, Inc. (“Robix” or the “Corporation”) (CNSX:RZX) (Frankfurt:R0X) announced today that it settled outstanding indebtedness of $275,000 through the issuance of 1,375,000 common shares of the Corporation at a deemed price of $0.20 per common share (the “Debt Settlement”). The common shares issued in connection with the Debt Settlement are subject to a hold period that expires on June 16, 2017.
In connection with the acquisition of Formation Fluid Management Inc. (“FFM”), which company was acquired by Robix on October 7, 2016 (see Robix’ October 11, 2016 news release), Robix terminated the former Chief Financial Officer of FFM, who has filed a statement of claim alleging breach of contract. As set out in the court documents, the former CFO is seeking a judgement in the amount of $283,334, vesting of stock options and punitive damages in the amount of $100,000. Robix has engaged legal counsel and is taking steps to vigorously defend this claim.
In addition, Robix received notice that, pursuant to the previous loan agreement between FFM and the Royal Bank of Canada, FFM was in default and that the amount of the loan in the amount of $487,226 was due and owing. Robix is currently seeking legal advice in respect of its options with respect to this claim.
About Robix:
The Corporation is an “industrial products/technology” company, offering to investors a unique opportunity to participate in a leading company in the business of ownership of patents, and their development from commercialization to worldwide expansion through various business arrangements. Robix owns a Clean Ocean Vessel (“COV”) patent, which is an oil spill recovery vessel design with the capability to recover oil in rough and debris laden sea conditions. Robix has recognized a worldwide market opportunity for effective containment, recovery and disposal equipment, particularly in the oil spill protection industry, and it proposes to develop a business model as a service provider, and/or equipment provider under licensing agreements with other industry participants, wherein Robix will use its COV patented design solution.
No stock exchange or any securities regulatory body has reviewed the contents of this news release.