George Liszicasz Advises of Conversion of 8 Million Preferred Shares into Common Shares of NXT Energy Solutions
Calgary, Alberta (FSCwire) - Mr. George Liszicasz, the President and CEO of NXT Energy Solutions Inc. (“NXT”) advises that the independent board of directors of NXT have caused the conversion of 8,000,000 convertible preferred shares, series one, (the “Preferred Shares”) in the capital of NXT Energy Solutions Inc. (“NXT”) on a one for one basis into 8,000,000 common shares of NXT (the “Common Shares”) effective August 31, 2015. After giving effect to the conversion Mr. Liszicasz owns and controls 15,196,490 Common Shares, representing approximately 28.6% of NXT’s issued and outstanding Common Shares.
10,000,000 Preferred Shares were originally issued to Mr. Liszicasz under the terms of a Technology Transfer Agreement with NXT (the “TTA”) dated December 31, 2006, covering NXT's use of the SFD® technology. 2,000,000 of the Preferred Shares became convertible into Common Shares upon issuance, and were formally converted in May 2013. The balance of the Preferred Shares were convertible on a one for one basis into Common Shares, at the option of Mr. Liszicasz subject to defined cumulative revenue milestones, or at the option of NXT on or before December 31, 2015. Upon conversion of these Preferred Shares, NXT crystalizes its ownership rights to the oil and gas applications of the SFD technology that was invented by Mr. Liszicasz.
Mr. Liszicasz noted “The commercial application of the SFD® technology has been proven with the ongoing performance of contracts for independent oil and gas companies in Canada, the USA and Latin America and for National Oil Companies in Latin America, South America and Asia. In addition, NXT has applied for patents on the SFD® technology, and the independent members of the Board of Directors of NXT are finalizing the Company’s rights to ownership of oil and gas applications of the SFD® technology, and simplifying NXT’s outstanding share capital structure.”
For a copy of the Early Warning Report to be filed in respect of the above transaction, please refer to the SEDAR profile of NXT or contact:
George Liszicasz
c/o NXT Energy Solutions Inc.
Suite 302, 3320 17th Avenue SW
Calgary, Alberta, T3E 0B4
(403) 206-0800
or
Greg Leavens
Chief Financial Officer
NXT Energy Solutions Inc.
Suite 302, 3320 17th Avenue SW
Calgary, Alberta, T3E 0B4
(403) 206-0805
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/georgeliszicasz09012015.pdf
Source: Mr. George Liszicasz (TSX Venture:SFD)
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2015 Filing Services Canada Inc.