ProSep Inc. has obtained creditor protection pursuant to the Companies' Creditors Arrangement Act (Canada) (the "CCAA"). At the same time, the Superior Court of Quebec (Commercial Division) (the "Court") issued an order (the "Court Approval and Vesting Order") approving the previously announced sale of substantially all assets of ProSep (the "Sale Transaction") to a newly incorporated subsidiary of Produced Water Absorbents, Inc., PWA ProSep, Inc. ("PWA" or the "Purchaser").

The Sale Transaction will be effected pursuant to an asset purchase agreement dated October 23, 2013 (the "Agreement") between ProSep and the Purchaser. The Company will receive an aggregate consideration of approximately $9,200,000 for the acquisition of substantially all of its assets, subject to certain adjustments.

Tags: ProSep Inc.