Xebec Announces Sale of California Compression and CDA Systems

MONTRÉAL, Feb. 22, 2023 /CNW/ - Xebec Adsorption Inc. ("Xebec" or the "Corporation"), a global provider of sustainable gas solutions, announced today it has completed the sale of substantially all assets of its wholly-owned California based subsidiaries, California Compression, LLC and CDA Systems, LLC, further to the Corporation's previously announced ongoing sale and investment solicitation process (the "SISP"), to Sullair, LLC ("Sullair"), an industry leader in innovative compressed air solutions since 1965.

Osler, Hoskin & Harcourt LLP and McDonald Hopkins LLC acted as California Compression, LLC and CDA Systems, LLC's legal advisors in connection with the transaction. The Corporation's financial advisor is National Bank Financial Inc. Goodmans LLP and White and Williams LLP acted as legal counsel to Sullair 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.

Investor Relations: Xebec Adsorption Inc., [email protected], [phone]