QUEBEC CITY, Jan. 23, 2020 (CNW) -CO2 Solutions Inc. announced today that it has negotiated the sale of the entirety of the Corporation's assets in two separate transactions. In the context of the proceedings related to the notice of intention to make a proposal pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada) filed in late 2019 by the Corporation, these transactions were approved by the Superior Court of Quebec respectively on December 19, 2019 and January 17, 2020.
Developed over the past twenty years by Canadian scientists and engineers, and directly or indirectly supported by the governments of Canada, Quebec, Alberta, the United States and the European Union, CO2 Solutions' proprietary enzymatic process is a unique CO2 capture technology that can claim no usage or emission of toxic products, demonstration at scale (30 tonnes-CO2 per day), validation by credible third-parties and attainment of commercial status (TRL-8).
In the first transaction, approved on December 19, 2019, the Corporation sold its portfolio of intellectual property, including approximatively 90 patents granted or pending and the Corporation's trademarks, the CO2 capture unit located at the pulp mill of Resolute Forest Products in Saint-Félicien, Québec and certain contracts related thereto, to Saipem S.P.A and Saipem Canada Inc (collectively, "Saipem"). Saipem Canada Inc. has also taken on CO2 Solutions' employees to ensure the smooth continuation of the R&D and operations.
In the second transaction, approved on January 17, 2020, the Corporation sold its CO2 capture unit located in Montreal-East, Québec, to Chimie Parachem in a first instance with a possible resale to a third-party, contingent on certain follow-on agreements associated with this transaction being concluded in the coming months.
The net proceeds of these two transactions will partially compensate amounts owed to creditors by the Corporation.
On December 20, 2019, Ernst & Young inc. was named by the Corporation's special committee as trustee and interim receiver, further to which the directors and officers of the Corporation resigned from their respective corporate positions.
Established in Milan Italy, with over 60 years of history, Saipem is a leading company in engineering, drilling and construction of major projects in the energy and infrastructure sectors. It is "One-Company" organized in five business divisions (Offshore E&C, Onshore E&C, Offshore Drilling, Onshore Drilling and XSIGHT, dedicated to conceptual design). Saipem is a global solution provider with distinctive skills and competences and high-tech assets, which it uses to identify solutions aimed at satisfying customer requirements. Listed on the Milan Stock Exchange, it is present in over 70 countries worldwide and has 32 thousand employees of 120 different nationalities.
Source: CO2 Solutions Inc.