TORONTO, Nov. 18 /CNW/ - The arbitration award was released today in the case of ENPAR Technologies Inc. vs. Biosource Inc. The arbitrator made the following declaration:
"It is declared that Biosource properly terminated the Agreement by its letter of July 10, 2007 on the ground that ENPAR failed to meet the Agreement net sales target for 2006."
The basis for this decision was a ruling that cash-based accounting must be used to report revenue rather than the accrual method employed by ENPAR.
The parties are to confer and are to let the Arbitrator know within 30 days whether they wish to have any further proceedings on the remaining counts in Biosource's demand for arbitration. The administrative fees and expenses of the International Centre for dispute Resolution and the compensation and expenses of the Arbitrator will be allocated in the Final Award as calculated by the ICDR.
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.