Mr. Ray Paquette reports
INTERNATIONAL ZEOLITE ANNOUNCES WITHDRAWAL OF INVESTMENT
International Zeolite Corp. has noted that the strategic investment and debt exchange, previously announced Nov. 22, 2022, have been withdrawn.
The investment was subject to the completion of due diligence, TSX Venture Exchange approval and other terms customary for a transaction of this nature. The investor concluded that certain technical aspects required for the completion of the investment require additional testing. These test results, together with some regulatory approvals, could not be achieved within the time frame envisaged by the investor. Julian Treger, chief executive officer of CoTec, commented: "We thank the IZ team for the opportunity to evaluate this transaction and we wish them all the best as they continue with the development of their product offering. We will be monitoring their progress."
Ray Paquette, chief executive officer of International Zeolite, stated: "We would like to thank the CoTec team for their time and interest in International Zeolite and for their $300,000 bridge loan to the company. The IZ team will continue to move forward with the due diligence and regret that the timeline was not achievable."
About International Zeolite Corp.
International Zeolite's mission is to produce a line of high-value, top-tier performance natural zeolite products and solutions. International Zeolite believes that real change comes from the ground up. The company's focused aim is to utilize the naturally occurring zeolite mineral to innovate commercial agriculture, industry and consumer practices that outperform their competition and are better for the environment and world populations. International Zeolite's purpose-driven zeolite solutions represent a new era of Earth-conscious environmental science that will relentlessly seek to transform agriculture, industry and households to safer, sustainable, superior means of operation.
International Zeolite is a publicly traded issuer listed on the TSX-V and trades under the symbol IZ.
We seek Safe Harbor.
© 2023 Canjex Publishing Ltd. All rights reserved.