CALGARY, ALBERTA--(Marketwire - Jan. 22, 2010) -
BioteQ Environmental Technologies Inc. ("BioteQ") (TSX:BQE)
and Newalta Corporation ("Newalta") (TSX:NAL) announced that
the previously announced private placement was completed today.
Newalta acquired 3,636,364 common shares, at a price of
$1.10 per share (the "Issue Price"), from the treasury of BioteQ for
consideration of $4 million. Each share purchased includes a warrant to acquire
an additional common share of BioteQ at 125% of the Issue Price during the
first year and 150% of the Issue Price thereafter. The warrants expire after 5
years. In addition, Newalta has the right to nominate a representative of
Newalta to the board of directors of BioteQ, for as long as Newalta holds
greater than 5% of a proportional interest in BioteQ's common shares.
The majority of the proceeds from the private placement will
be used by BioteQ to pursue joint projects that could apply the innovative
environmental technologies and operating expertise of both BioteQ and Newalta.
Once suitable candidate projects for development have been identified, BioteQ
and Newalta will work to jointly commercialize these projects, capitalizing on
the strengths of both of these parties.
BioteQ is a water treatment company that applies innovative
technologies and operating expertise to solve challenging water treatment
problems, reducing environmental liabilities while delivering lower life cycle
costs for water treatment. The Company's commercially proven technologies treat
industrial wastewater contaminated with dissolved heavy metals and sulphate,
producing saleable by-products and clean water that can be discharged safely to
the environment. BioteQ has built eight plants at sites in Canada, the US,
China, Australia and Mexico, with additional projects in design and
construction. BioteQ trades on the TSX as BQE. For more information, visit
Newalta is Canada's largest industrial waste management and
environmental services provider and focuses on maximizing the value inherent in
industrial waste through the recovery of saleable products and recycling. With
talented people and a national network of facilities, Newalta serves customers
in the automotive, construction, forestry, lead, manufacturing, mining, oil and
gas, petrochemical, pulp and paper, refining, steel and transportation service
industries. Providing solid investor returns, exceptional customer service,
safe operations and environmental stewardship has enabled Newalta to expand into
new service sectors and geographic markets. Newalta trades on the TSX as NAL.
For more information, visit www.newalta.com.
This press release contains forward-looking
statements. The forward-looking statements include, among other things,
statements regarding plans and other expectations, goals, objectives and
possible future events. Specific forward-looking statements contained in
this press release include BioteQ's and Newalta's intention to pursue and implement
joint projects. Although each of BioteQ and Newalta believes that the
expectations reflected in these forward-looking statements are reasonable,
undue reliance should not be placed on them because neither BioteQ nor Newalta
can give any assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. No assurance can be
given that any of the events anticipated by the forward-looking statements will
transpire or occur or, if any of them do so, what benefits BioteQ or Newalta
will derive therefrom.
The completion of joint projects could be delayed if
BioteQ and Newalta are not able to identify appropriate projects or reach
agreement on the development of projects. Accordingly, there is a risk
that joint projects will not be completed within the anticipated time or at
The forward-looking statements contained in this press
release are made as of the date hereof and each of BioteQ and Newalta
undertakes no obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.