May 3, 2021 07:00 ET | Source: RBK Absorption RBK Absorption
Montreal, May 3, 2021 (Global News Agency) - Refc Adsorption Inc. (TSX: XBC) ("Rebc"), a global clean energy solution provider, is pleased to announce that it has The acquisition of all outstanding shares of Nortekbelair Corporation ("Nortec") in Tennessee was completed on April 30, 2021. Dr. Mike Zarif, the head of Nortec, will remain at Nortec after the acquisition and will continue to focus on the company's internal R&D and product development. Through this acquisition, RBK's manufacturing footprint will be expanded. The factory in Maryville, Tennessee will occupy 18,500 square feet and will provide the company with key personnel for its dehydration products (including compressed air dryers, renewable natural gas) Establish a "center of excellence" dryer, hydrogen dryer and support its clean technology service network.
The total consideration paid by RBK through the cash portfolio on hand is approximately 8.5 million Canadian dollars, of which 2.6 million Canadian dollars will be paid in cash at delivery, and 735,838 shares of RBK common stock have been issued to the seller at a price of 4.385 per common share. Dollar. The total consideration is subject to certain restrictions, adjustments and time-based payments. Nortec's revenue in fiscal year 2020 is 4.5 million Canadian dollars. Like previous acquisitions, RBK expects Nortec's growth and profitability can be improved through product, procurement and back-office synergies.
"I have worked in the compressed air industry for more than 30 years and founded Nortec more than 10 years ago. I am very happy to embark on this journey with RBK. I believe that as RBK hopes to expand its business in the United States, Our manufacturing capabilities will be very valuable. Dr. Mike Zarif, President and CEO of Nortekbelair Corporation, said that I also look forward to playing a key technical role in helping the company build a dedicated center to showcase its expertise, because it hopes to produce in the United States more products
"Nortec is a strategic acquisition for us because it will immediately improve our manufacturing capabilities. Given the increasing importance of local sourcing and services, we are very pleased to establish a manufacturing facility in the United States. Mike and the Nortec team are developing business and We have done a great job in establishing the foundation, which will help us to introduce new products to the US market and increase the production of existing products. I am very pleased that Mike has decided to become a member of the Xebec family and he will support us in future acquisitions Play an important role," said Kurt Sorschak, Chairman, President and CEO of Xebec Adsorption Inc.
About Nortec Nortec was founded in 2008, based on three key performance pillars: quality, perfection and innovation. Although the company was founded in 2008, Nortec’s origins in the compressed air industry can be traced back decades. Nortec focuses on compressed air drying and industrial systems. The company's systems are used in a wide range of applications, from small shops to large manufacturing plants.
Related links: https://nbdry.com https://www.xebecinc.com
Media inquiries: Victor Henriquez's Public Relations, Senior Partner victor@publicsc.com 1 514.377.1102
Investor Relations: Xebec Adsorption Inc. Brandon Chow, Director of Investor Relations bchow@xebecinc.com 1 450.979.8700 ext 5762
About Adsorption Inc. Adsorption Inc. Adsorption is a global supplier of clean energy solutions for renewable and low-carbon gases used in energy, transportation and industrial applications. The company specializes in deploying a series of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible natural gas production, RBK has helped thousands of customers around the world reduce their carbon footprint and operating costs. Refco is headquartered in Quebec, Canada, with operations all over the world, with five manufacturing plants, eight clean technology service centers and five sales offices on four continents. RBK's trading code on the Toronto Stock Exchange is (TSX code: XBC). For more information, please visit xebecinc.com.
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