FormerXBC Inc. Announces Sale of Assets at Facilities in Pennsylvania, Wisconsin and Colorado

MONTRÉAL, April 13, 2023 /CNW/ - FormerXBC Inc. (formerly known as Xebec Adsorption Inc.) (the "Corporation"), a global provider of sustainable gas solutions, announced today that (i) on March 20, 2023, the Corporation completed the sale of substantially all assets of its wholly-owned Pennsylvania-based subsidiary, The Titus Company, to FAD Pennsylvania Inc. ("Fluid-Aire"), (ii) on March 23, 2023, the Corporation completed the sale of substantially all assets of its wholly-owned Wisconsin-based subsidiary, XBC Flow Services – Wisconsin Inc. (now known as FormerXBC Flow Services – Wisconsin Inc.), to Total Energy Systems, LLC ("Total Energy Systems"), and (iii) on April 5, 2023,  the Corporation completed the sale of substantially all assets of its wholly-owned Colorado-based subsidiary, FormerXBC USA Systems, LLC (formerly known as Xebec Systems USA LLC), a compressor packager for the oil and gas and power industries, and compression of specialty gases including hydrogen, CO₂, and SynGas, to EnergyLink US Inc., an affiliate of EnergyLink Corporation ("EnergyLink"), a global provider  in air and noise emissions mitigation, turnkey buildings, gas turbine auxiliary systems, and retrofit solutions, in each case further to the Corporation's previously announced ongoing sale and investment solicitation process (the "SISP").

Osler, Hoskin & Harcourt LLP and McDonald Hopkins LLC acted as the Corporation's legal advisor in connection with the transactions. The Corporation's financial advisor is National Bank Financial Inc. Mogan Daniels Slager LLP and Meltzer, Purtill & Stelle LLC acted as legal counsel to Fluid-Aire in connection with the transaction relating to the assets of The Titus Company. Godfrey & Kahn, S.C. acted as legal counsel to Total Energy Systems in connection with the transaction relating to the assets of XBC Flow Services – Wisconsin Inc. Stikeman Elliott LLP and Nelson Mullins Riley & Scarborough LLP served as legal counsel to EnergyLink in connection with the transaction relating to the sale and purchase of FormerXBC USA Systems, LLC's assets.

The Corporation will provide further updates as developments warrant. Information regarding the SISP and the Corporation's proceedings under the Companies' Creditors Arrangement Act (Canada) 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].

SOURCE Xebec Adsorption Inc.