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Marsulex Inc. Obtains Interim Order for Plan of Arrangement

^{Published on 2011-05-19 10:25:59 - Market Wire}
 

TORONTO, May 19 /CNW/ - Marsulex Inc. (TSX: MLX) is pleased to announce that the Superior Court of Ontario has issued an interim order authorizing Marsulex to, among other things, call a special meeting of its shareholders to consider and, if deemed advisable, pass a special resolution approving the proposed plan of arrangement previously announced by press release on May 5, 2011 between Marsulex, Investis U.S., Inc. and Chemtrade Logistics Income Fund (TSX: CHE.UN).

Marsulex proposes to hold the special meeting of shareholders at 10:00 a.m. (Toronto time) on June 22, 2011, at the offices of its counsel, Stikeman Elliott LLP, located on the 53rd floor of Commerce Court West, 199 Bay Street, Toronto.  A management proxy circular of Marsulex (the "Circular") will be mailed to Marsulex shareholders shortly.  A copy of the Circular will also be available under Marsulex's profile on SEDAR at [ www.sedar.com ].

The special resolution approving the proposed plan of arrangement must be approved by at least 66 2/3% of the votes cast by shareholders represented in person or by proxy at the special meeting.

The record date for determining the holders of common shares of Marsulex that will be entitled to receive notice of and to vote at the special meeting was May 13, 2011.  Shareholders will have an election to make in respect of their shares.  The deadline for that election is 5:00 p.m. on June 17, 2011.

About Marsulex

Marsulex is a leading provider of industrial services, primarily environmental compliance solutions for air quality control and hazardous waste streams produced in petroleum refineries and petrochemical plants, and a leading producer and marketer of sulphur-based industrial and water treatment chemicals. Marsulex's products and services are provided to a broad base of customers in a wide range of industries but with a major focus in the petroleum extraction, petroleum refining, pulp and paper, and chemical industries. Increasingly stringent environmental compliance regulations have created opportunities for Marsulex to apply its core competency of operating small to medium size chemical plants efficiently and safely.

About Investis

Investis, incorporated under the General Corporation Law of the State of Delaware, is a wholly owned subsidiary of Marsulex. Investis holds all of the issued and outstanding shares of Marsulex Environmental Technologies ("MET").

MET provides environmental systems and services, primarily air quality compliance, to electric utilities, petrochemical and general industrial customers worldwide that combust sulphur bearing fossil fuels or otherwise create sulphur oxide pollutants in their operating plants' processes. MET's systems and services enable them to cost effectively remove these and other pollutants from their air emissions to meet environmental regulations as well as achieve fuel flexibility and access to the savings of using lower cost, high-sulphur fuels and derive revenues from the sale of by-products such as commercial quality calcium sulphate (gypsum) and ammonium sulphate fertilizer.

Caution Concerning Forward-Looking Statements

This news release contains forward-looking statements relating to the proposed acquisition of Marsulex Inc., including statements regarding the completion of the proposed transaction and other statements that are not historical facts. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on these forward-looking statements.

The completion of the proposed transaction is subject to a number of terms and conditions, including, without limitation: (i) applicable governmental authorities' approvals, (ii) required Marsulex shareholder approval, (iii) necessary court approvals, and (iv) certain termination rights available to the parties under the Arrangement Agreement. These approvals may not be obtained, the other conditions to the transaction may not be satisfied in accordance with their terms, and/or the parties to the Arrangement Agreement may exercise their termination rights, in which case the proposed transaction could be modified, restructured or terminated, as applicable.

The forward-looking statements contained in this news release are made as of the date of this release. We disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, we undertake no obligation to comment on expectations of, or statements made by, third parties in respect of the proposed transaction. For additional information with respect to certain of these and other assumptions and risks, please refer to the related material change report and the Arrangement Agreement to be filed by Marsulex Inc. with the Canadian securities commissions (available at [ www.sedar.com ]).