Corporate Update

MONTREAL, Jan. 23, 2018 (GLOBE NEWSWIRE) -- Earth Alive Clean Technologies Inc. (CSE:EAC) (“Earth Alive” or the “Corporation”) today announced that Mr. David Gilmour has entered into a sales agreement with Financiere GMSL Inc. (“GMSL”) an entity controlled by Mr. Louis Lessard.  Pursuant to this Agreement, GMSL will purchase 15,000,000 common shares of Earth Alive (“Shares”) from Mr. Gilmour at the purchase price of $0.10 per Share, for a total consideration of $1.5M.  As part of the transaction, Mr. Gilmour has agreed to discontinue his legal proceedings against the Corporation, three of its directors and an officer.  This transaction remains subject to certain closing conditions and is expected to be completed in the upcoming days.

The Chair, Mr. Robert Blain, stated: “This is a very positive outcome, with legal uncertainty behind us,  we can now move forward and fully focus Earth Alive’s energy and resources on its operational growth. We are pleased that all parties involved have agreed that this resolution is in the best interest of Earth Alive and all of its shareholders.”  Mr. Gilmour, the founder of Earth Alive, further added: “I am relieved that this episode is behind us, and I remain optimistic about the future of Earth Alive and wish it a successful journey going forward.”       

Following completion of this transaction, GMSL, which previously held or controlled 3,140,000 shares,  will hold 18,140,000 common shares, representing 16.39% of Shares outstanding and assuming the exercise of their convertible securities, would hold 18,473,827 Shares, representing 16.69% on a partialy diluted basis. The Shares were acquired by GMSL for investment purposes, with a long-term view of their investment. GMSL may acquire additional securities of the Corporation either on the open market or through private acquisitions or sell securities of the Corporation either on the open market or through private dispositions in the future depending on market conditions, reformulation of his plans and/or other relevant factors. A copy of GMSL’s early warning report will appear on the Company’s profile on SEDAR (www.sedar.com), a copy of which can be obtained by calling Mr. Lessard at (819) 446-5755 .

Mr. Gilmour who previously held 22,988,071 (20.77% of the outstanding shares) will continue to hold 7,988,071 shares, representing 7.2% of the outstanding shares.

Pursuant to the passing of the resolution calling for the removal of Mr. Gilmour from the Board of Directors at the special meeting of the shareholders held January 15, 2018, the Board now consists of 4 directors: Robert Blain, Benoit La Salle, Michel Ringuet and Viviane Yargeau.

For additional company information, please visit: www.earthalivect.com

The CSE has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release.

Forward Looking Information

Except for statements of historical fact, this news release contains certain forward-looking statements such as the expectation that the sales transaction will proceed as planned, within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Although Earth Alive believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.