OAKVILLE, ONTARIO -- (Marketwire) -- 04/01/11 -- Bennett Environmental Inc. (TSX: BEV) (the 'Company' or 'BEI') announced today that the Port of Belledune ('Port') has exercised its option to purchase the Company's Belledune facility. The purchase consideration consists of the option deposit of $0.1 million, cash of $1.8 million, assumption of liabilities of approximately $0.7 million and a holdback of $0.3 million to cover work to be completed by BEI, all of which replace the original two year payment schedule. The sale of the facility, which is expected to close next week, will eliminate approximately $400,000 in annual carrying costs for BEI.
The property was developed in 2002-2004 by previous management to provide additional capacity. Current management determined that the permit for the facility was inadequate and that the additional capacity would not be required. The Port has entered into an agreement certifying that the facility will not be used for high temperature thermal treatment of soil.
On March 31, 2011 five option holders exercised 1,466,666 options and sold 810,000 shares resulting in a net increase in shares held by option holders of 656,666. The CEO currently holds 600,000 shares and the CFO holds 205,000 shares. At current market prices these holdings are equal to approximately five, and two times the annual salary of each executive, respectively.
Forward Looking Statements
Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words 'anticipate', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'should', 'believe', 'confident', 'plan' and 'intends' and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. BEI believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. BEI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Bennett Environmental Inc.
Bennett Environmental Inc. is a North American leader in high temperature treatment services for the treatment of contaminated soil and has provided thermal solutions to contamination problems throughout Canada and the U.S. Bennett Environmental's technology provides for the safe, economical and permanent solution to contaminated soil. Independent testing has consistently proven that the technology operates well within the most stringent criteria in North America. For information, please visit the Bennett Environmental website at: www.bennettenv.com.
Bennett Environmental Inc.