Vancouver, British Columbia, Canadian Zeolite Corp. (the “Company”) (TSX.V: CNZ) (OTCQB: CNZCF) (FSE: ZEON) an international marketer and distributor of zeolite products is pleased to announce that, further to its news release dated October 23, 2017, it has completed the acquisition of a 100% interest in Earth Innovations Inc. (“EII”) from a privately held seller (the “Seller”). In consideration for the acquisition, the Company paid the Seller $100,000 in cash, with $50,000 being paid upon closing and the remaining $50,000 payable in six months from closing, and issued 3,000,000 common shares (the “Shares”) in its capital. The Shares are subject to an 18 month escrow release schedule. In addition, the Company provided EII with $150,000 for its operating capital and $61,000 to settle outstanding liabilities. The Company also issued 210,000 common shares in its capital as a finder’s fee.
EII is the leading provider of retail, industrial and commercial zeolite products in North America with aggregate sales in excess of C$3.5-million since 2014. Flagship brands includes ecoTraction™ and Smell Grabber™, available nationally in Canada and the United States. In 2008, EII was a successful contestant on CBC’s The Dragon’s Den (http://www.cbc.ca/dragonsden/pitches/ecotraction) launching EII on its mission to produce, market and distribute truly environmentally beneficial products to address identified needs in winter traction control, odour management and water quality.
EII has successfully established distribution throughout Canada including: Home Hardware Stores, The Home Depot, Acklands Grainger Inc., Ace Hardware, True Value, Bolt Supply House, Federated Co-op, Overwaitea Foods and others. The products are also available nationally in the United States through: Do It Best Stores, Grainger Limited, Amazon.com and other online retailers. EII also brings a long-standing supply relationship with a USA-based premium zeolite supplier.
On behalf of the Board of Directors,
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated work programs and the timing and amount of expenditures. Canadian Zeolite does not assume the obligation to update any forward-looking statement.