TORONTO, April 7 /CNW/ - ENPAR Technologies Inc. (TSX-V: ENP) ("ENPAR") wishes to assure its shareholders that it remains confident of winning the arbitration against Biosource Inc. ("Biosource") of Worchester, MA, USA.
As previously reported, ENPAR commenced arbitration against Biosource following a purported termination by that company of a Non-exclusive License Agreement. Public information learned over the past 6 months supports ENPAR's original belief that a breach of the Agreement was manufactured in order to force renegotiation of the terms.
Biosource terminated the recent negotiations related to the acquisition of Biosource by ENPAR, following Biosource's failure to adequately address ENPAR's requests for information during the due diligence process. In response, ENPAR has filed a formal request with the arbitrator to continue the arbitration within the next three months.
ENPAR still believes that the arbitration will confirm its compliance with the Non-exclusive License Agreement and provide the basis for continuance of the Agreement in good standing and prevent unjustified allegations of non-compliance in the future, at the time when the technology is commercialized.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
ENPAR is a "Technology Company" applying its patented and proprietary "Electrochemical Technologies" to the treatment of waste water and drinking water contaminated by metals or nutrients i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. The common shares trade on Tier ll of the TSX Venture Exchange under the symbol "ENP".
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause ENPAR Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof.