8/18/2014 4:30 PM
Fort Wayne, IN, USA–August 18, 2014 – WaterFurnace Renewable Energy, Inc. ("WaterFurnace") (TSX: WFI; TSX: WFI.U) is pleased to announce that at a special meeting (the "Meeting") of shareholders of WaterFurnace held today in Fort Wayne, Indiana, the shareholders of WaterFurnace approved the proposed acquisition of all of the common shares of WaterFurnace by NIBE Industrier AB (publ) of Sweden ("NIBE") by way of a plan of arrangement pursuant to the Canada Business Corporations Act (the "Arrangement").
WaterFurnace shareholders overwhelmingly supported the Arrangement with over 99% of WaterFurnace shareholders that voted at the Meeting in person or by proxy voting in favour of the Arrangement.
WaterFurnace will apply to the Ontario Superior Court of Justice for approval of the Arrangement on August 21st, 2014.
WaterFurnace is a leading manufacturer of residential, commercial, industrial and institutional geothermal and water source heat pumps. The geothermal units use the renewable solar energy stored just below the surface of the earth to dramatically reduce the energy consumed by buildings for heating, cooling and hot water. Although it earned a reputation as a leader in geothermal heat pumps, WaterFurnace has worked in recent years to innovate new technologies, integrate key trends and grow the core business to represent a portfolio of clean and sustainable solutions.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable securities legislation. Forward-looking information includes, but is not limited to, information with respect to the completion of the Arrangement, including the receipt of court approval.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the ability to complete the Arrangement, the receipt of necessary approvals, the ability to satisfy conditions to the Arrangement, the ability to achieve the benefits of the Arrangement and the risks identified in WaterFurnace's annual information form dated March 25, 2014.
There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.
WaterFurnace disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.