Xebec Announces Sale of Assets at Blainville Facility and Compressed Air International

MONTRÉAL, Feb. 27, 2023 /CNW/ - Xebec Adsorption Inc. ("Xebec" or the "Corporation"), a global provider of sustainable gas solutions, announced today that on February 24, 2023, Xebec completed the sale of substantially all assets located at Xebec's Blainville Québec facility as well substantially all assets of Xebec's wholly owned Ontario-based subsidiary Compressed Air International to Ivys Adsorption Inc., and the sale of Xebec's equity interest in a Shanghai-based joint venture with Shanghai based Shenergy Group Company Limited to 14791525 Canada Inc., established by Ivys, Inc. ("Ivys"), a clean fuels infrastructure solutions provider for fleet applications, further to the Corporation's previously announced ongoing sale and investment solicitation process (the "SISP").

Osler, Hoskin & Harcourt LLP acted as Xebec's legal advisor in connection with the transaction. The Corporation's financial advisor is National Bank Financial Inc. i3 Legal Inc. and Kugler Kandestin LLP acted as legal counsel to Ivys in connection with the transaction.

Xebec will provide further updates as developments warrant. Information regarding the SISP and the Corporation's proceedings under the Companies' Creditors Arrangement Act and in the United States under Chapter 15 of the Bankruptcy Code (collectively, the "CCAA Proceedings") are available on the Deloitte Restructuring Inc. (the "Monitor")'s website at https://www.insolvencies.deloitte.ca/Xebec. Information regarding CCAA Proceedings can also be obtained by calling the Monitor at 514-393-6722 or toll free at 1-888-393-6722 and via email at [email protected].

Related link:
https://www.xebecinc.com

SOURCE Xebec Adsorption Inc.