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.”
For further information: Xebec Adsorption Inc.: Andrew Hall, VP Sales & Business Development, 450-979-8713, firstname.lastname@example.org; www.xebecinc.com