MONTREAL, Oct. 19 /CNW Telbec/ - Xebec Adsorption Inc. (TSX: XBC) ("Xebec") a provider of biogas upgrading, natural gas and hydrogen purification solutions for the clean energy market announces today the temporary layoff of 35 employees representing approximately 22% of the global workforce. The temporary layoff of 31 employees in its Canadian operation and the closure of the UK sales office with the elimination of four sales positions will reduce expenses and preserve liquidity.
In addition to its ongoing efforts to raise additional capital, the Board of Directors has asked one of the current board members, Peter Praxmarer, to take on an interim role in helping with the strategic realignment of Xebec. Mr. Praxmarer and Mr. Sorschak have previously worked together at Domnick Hunter, and Mr. Praxmarer has experience in industrial manufacturing. He is currently the Managing Director of Ca'bea GmbH, an Austrian based consulting company.
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. With more than 1,300 customers worldwide, 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, a R&D facility in Vancouver (BC) as well as a sales and distribution network in North America, Asia and Europe. Xebec (www.xebecinc.com) trades on the TSX under the symbol XBC.
Caution Concerning Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking" statements within the meaning of applicable securities laws. This forward looking information includes, but is not limited to, the expectations and/or claims of management of Xebec with respect to information regarding the business, operations and financial condition of Xebec. Forward-looking information contained in this press release involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Xebec or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This list is not exhaustive of the factors that may affect forward-looking information contained in this press release. When used in this press release, such statements use such words as "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "will" and other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this presentation. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements.
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For further information:
Xebec Adsorption Inc.:
Kurt Sorschak
President and CEO
450-979-8701
[email protected]
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