TORONTO,
July 24, 2014 /CNW/ - EnviroMatrix
Technologies Inc. ("ETI"), holding not less than 5% of the issued
and outstanding voting shares of Process Capital Corporation (the
"Corporation") requested the current directors of the Corporation
to call a special meeting of the shareholders of the
Corporation. As the existing Board failed to call the meeting
as requested, ETI has called the meeting in the best interests of
the shareholders of the Corporation. The
special meeting of the shareholders of the Corporation will be held
on Thursday August 14, 2014 at
2pm at Sandman Signature Toronto
Airport Hotel, 55 Reading Court, Toronto,
ON, M9W 7K7.
Shareholders of record as of July 14, 2014 will be entitled to vote on the
election of directors, appointment of auditors, to ratify and
confirm all previous acts, contracts, by-laws, proceedings,
appointments and payments made and all other actions taken to date
by the directors and officers of the Corporation, except any
actionable misrepresentations made regarding the Corporation or its
subsidiaries, and to transact such other business as may properly
be brought before the Meeting or any adjournment
thereof. The shareholders must also agree to hold the
meeting outside of Alberta, where
the Corporation is incorporated.
An information circular and proxy dated
July 14, 2014 is being forwarded to
shareholders of record. Shareholders who do not receive a
circular and proxy may contact Magaly
Bianchini at magbian@yahoo.com. The Circular with
respect to the meeting is available at www.sedar.com.
About Process Capital Corporation and
EnviroMatrix Technologies Inc.
Process Capital Corporation ("POR") is an
environmental technology investment company that was listed on the
TSX Venture Exchange. POR operated through its operating
subsidiaries Advanced Process Fuels Inc. and 941037 Ontario Limited
was in the business of selling, designing and building waste oil
micro-refineries, which convert waste crankcase oil to diesel fuel,
industrial burner fuel, process gas, naphtha, and coke.
Currently these subsidiaries are inactive. The Corporation's common
shares are not listed on any recognized stock exchange. The
Corporation faced severe financial difficulties in 2010 as its
ability to fund its operations ceased. The Corporation does
not currently carry on any active business. On
May 9, 2012, the British Columbia Securities issued a cease
trade order as a result of the failure to file certain required
financial statements, followed soon after by cease trade orders
from the securities commissions of Alberta and Ontario. Trading in the Corporation's
shares on TSX-V was suspended at the same time.
To date, POR has not earned significant revenue
and has experienced significant operating losses and negative cash
flows and has a working capital deficit at December 31, 2010 of $4,221,085 (2009 - $2,667,938). The Corporation has relied primarily
on the support of its shareholders, lenders and on the issuance of
share capital to continue its operations. EnviroMatrix Technologies
Inc. ("ETI") is the beneficial owner of approximately 51.4% of
the issued and outstanding shares of POR. ETI called the
meeting to restructure the Board, which will replace the senior
management of POR, with a view to capitalizing on POR's technology
and to appoint MNP LLP as auditors of POR.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ENVIROMATRIX TECHNOLOGIES INC.:
Magaly Bianchini, President and
Director
Neither the TSX Venture Exchange nor its
Regulation Service Provider (as the term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy of accuracy of this news release.
SOURCE Process Capital Corp.