Xebec Adsorption Inc. Announces Closing of Intellectual Property Transactions
MONTREAL, March 22, 2012 /CNW Telbec/ - Xebec Adsorption Inc. (TSX: XBC) ("Xebec"), a provider of biogas upgrading, natural gas and hydrogen purification solutions for the clean energy market, announced today that it has sold to Air Products its intellectual property ("IP") portfolio, including the patents and patent applications relating to its gas separation technology. In this transaction, Xebec has also transferred ownership of its research & development facilities in Burnaby and Surrey, as well as other equipment located in British Columbia. Pursuant to this transaction, Xebec has received aggregate gross proceeds of CAD$8,600,000. The transaction is also subject to payments for the achievement of certain conditions to be met within the next 24 months.
Xebec has also entered into a license agreement with Air Products allowing Xebec to continue to sell its systems, predominantly in the biogas, natural gas and associated gas purification markets.
Xebec will continue to maintain a sales and service office in the Vancouver area to support its customers on the West Coast.
"We are pleased with these transactions, since they resolve Xebec's working capital challenges and allow us to continue with our plan towards short term operational profitability and growth. The spin-off has substantially strengthened and transformed our balance sheet, and has had a significant impact on our cost structure. Going forward, Xebec is now well positioned to grow its business and bring innovative gas purification solutions and products to market," said Kurt Sorschak, President and CEO.
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global provider of clean energy solutions to corporations and governments looking to reduce their carbon footprints. Xebec designs, engineers and manufactures innovative products that transform raw gases into marketable sources of clean energy. Xebec's strategy is focused on establishing leadership positions in markets where demand for biogas upgrading, natural gas dehydration and hydrogen purification is growing. Headquartered in Montreal (QC), Xebec is a global company with two state-of-the-art manufacturing facilities in Montreal and Shanghai, and a sales and distribution network in North America and Asia. Xebec trades on the TSX under the symbol XBC. For additional information on the company and its products and services, please visit the Xebec web site at www.xebecinc.com.
