MARKHAM, ON / ACCESSWIRE / June 22, 2021 / Pond Technologies Holdings Inc. (the "Corporation" or "Pond") (TSX.V:POND), (OTCQB:PNDHF) an ESG company addressing global sustainability challenges of climate change and nutrition, is pleased to announce it completed a transaction with Grizzly Resources Ltd. ("Grizzly") on June 16, 2021 to sell all of its petroleum and natural gas assets in the Pembina Area, Alberta (the "Assets") (the "Divestiture").
As part of the Divestiture, Grizzly will assume all abandonment and reclamation liabilities related to the Assets and pay up to $2.25 million in future conditional consideration to Pond upon the sale of the assets and/or upon the resumption of production.
Thomas Masney, CFO at Pond stated "Eliminating Pond's liability related to the legacy Pembina assets gives us more flexibility and allows us to continue on our aggressive growth path. We are pleased with the outcome and the possibility of being able to generate up to $2.25 million in future consideration from the Pembina asset."
Grant Smith President & CEO at Pond said "This agreement allows Pond to clean up its balance sheet, by removing the liability surrounding the legacy oil and gas assets included within the initial go public transaction. As a company focused on addressing growing sustainability challenges, we are excited to look to the future and with this transaction behind us, we can do just that. Our sphere of opportunity is global, and we have many initiatives underway which we are excited to announce in the coming months."
About Pond Technologies Holdings Inc.:
Located in Markham, Ontario, Pond is a technology company that provides profitable solutions to the global health and wellness challenges of climate change and nutrition. Pond's proprietary growth platform, including patented advanced photonics, optimizes key growth inputs in order to provide a controlled environment that maximizes the growth of algae and other organisms. This enables industrial emitters to generate new revenue streams from the transformation of underutilized CO2 to valuable algae-based products, such as protein for animal feed and nutraceutical products like Chlorella, Spirulina, and Astaxanthin for human consumption. For more information visit https://www.pondtech.com/.
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SOURCE: Pond Technologies Holdings Inc.