Yahoo Finance ESI Announces Shares for Debt & Services Agreement with Avis Financial Corporation
VICTORIA, BC / ACCESSWIRE / June 4, 2015 / E. S. I. Environmental Sensors Inc. (ESV.V) ("ESI" or the "Company") is pleased to announce that, in accordance with disinterested shareholder approval, it will compensate Avis Financial Corporation ("AFC"), the Company's majority shareholder, for services rendered on behalf of ESI over the last five years. As well, the Company has entered into an agreement for ongoing services with AFC. The Company tabled the proposed transaction to its shareholders at the most recent annual general and special meeting of the shareholders where it was approved unanimously by the disinterested shareholders of the Company. AFC did not vote on the transaction. Accordingly, the Company intends to issue 22,880,000 common shares at a deemed price of $0.05 per security in respect of fees payable totalling $1,144,000. The Company has filed the particulars of the transaction with the TSX Venture Exchange (the "Exchange").
AFC will continue to provide ongoing management services to ESI. Fees for ongoing services will be invoiced annually and will be paid in either cash or common shares. Any future payment in shares will be filed with the Exchange and the deemed price of future securities issued will be determined according to market prices at the time of filing and issuance.
About ESI
ESI is a leading manufacturer of patented and proprietary solutions for environments where understanding the presence, movement, and/or amount of water are important. Major market sectors include: agriculture, golf and turf, scientific research, civil engineering and crude oil production. ESI solutions have been successfully introduced into more than 40 countries to enable customers to optimize their operations by monitoring the presence and movement of water, managing irrigation systems, and monitoring the integrity of landfill covers. Most recently, the Flo·Point(TM) instrument has been introduced to the oil industry to measure the volumetric presence of water pumped during crude oil extraction for characterization and optimization of the process. ESI differentiates itself by translating the best technology and science available into practical, easy to use solutions. Irrigation managers, reservoir engineers, and scientists have adopted ESI's products for their accuracy, ease of use, repeatability, and ability to operate in challenging environments. ESI is publicly traded on the TSX Venture Exchange under the symbol "ESV". Further information about ESI may be obtained through the Company's website at www.esisca.com.
On behalf of the Company:
"Bernard Beauchesne"
_________________________
Bernard Beauchesne
Chief Operating Officer
Investor Relations:
E.S.I. ENVIRONMENTAL SENSORS INC.
2071C Malaview Avenue West
Sidney, BC V8L 5X6
Tel: 250.655.3211 or 1-800.799.6324
Email: investor.relations@esica.com
Media Contact:
Bernard Beauchesne
Email: bbeauchesne@esica.com
Tel: 250.655.3211 or 1-800.799.6324
www.esica.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THE SHARES FOR DEBT & SERVICES TRANSACTION IS SUBJECT TO TSX VENTURE EXCHANGE ACCEPTANCE.
SOURCE: E.S.I. Environmental Sensors Inc.
