Earth Alive Clean Technologies Announces Sale Transaction

MONTRÉAL, Jan. 17, 2025 (GLOBE NEWSWIRE) -- Earth Alive Clean Technologies Inc. (TSXV: EAC – “Earth Alive” or the “Company”) announces its intention to complete a sale transaction and ancillary steps (collectively, the “Transaction”) pursuant to a Subscription Agreement, dated January 17, 2025 (the “Subscription Agreement”), between the Company and 9530-8086 Québec Inc. (the “Purchaser”). The promoters of the Purchaser comprises a group of investors, including Mr. Erik Bomans (a director of the Company) and Mr. Nikolaos Sofronis (a director and the chief executive officer of the Company). The Subscription Agreement was entered into in connection with the Company’s proceedings under the Bankruptcy and Insolvency Act (Canada) (the “BIA”) and the related sales and investment solicitation process (the “SISP”) approved by the Superior Court of Québec (the “Court”), whereby the Purchaser was selected as the successful bidder under the SISP.