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Abonner CHRIST WATER TECHNOLOGY AG

CHRIST WATER TECHNOLOGY AG

EANS-Adhoc: CHRIST WATER TECHNOLOGY AG
GLV and Christ Water Technology Announce the Recent Award of contracts Totalling CA$67 M (EUR45 M) in the Seawater Desalination and Drinking Water Treatment Fields along with a Contract Worth CA$5 M (EUR3 M) ...

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
Company Information
28.01.2010
Montreal, Canada, January 28, 2010 — GLV Inc. ("GLV"; ticker symbols 
GLV.A, GLV.B / TSX) and its Austria-based subsidiary Christ Water 
Technology AG ("CWT"; ticker symbol CWT / Vienna Stock Exchange) are 
pleased to announce that CWT has been recently awarded several large 
contracts totalling over CA$67 M (EUR45 M) in North Africa and the 
Middle East to supply complete technological solutions in the areas 
of seawater desalination and drinking water treatment. This 
development occurs two months after GLV´s acquisition of over 80% of 
the outstanding shares of CWT, one of the key advantages of which was
to provide complementary technologies to those of GLV´s Water 
Treatment Group (Eimco Water Technologies or "EWT") in several 
high-potential markets, such as seawater desalination.
Some of the new orders will be delivered over the next fiscal year 
ending March 31, 2011, but most will be completed in fiscal 2012. The
largest, worth CA$35 M (EUR23 M), consists of the implementation of 
desalination and drinking water production plants in Northern Africa,
and also includes a two-year facility operation contract. Richard 
Verreault, President and Chief Operating Officer of GLV, said that 
these parts of the world offer good potential for further contracts 
of this type, considering their demographic growth and specific needs
for drinking water treatment. "In addition, the combination of CWT´s 
ultra-filtration, demineralization and process water recycling 
technologies, on the one hand, and EWT´s water intake screening 
solutions, on the other, will reinforce our positioning as a provider
of complete solutions in this niche."
Management also announces a new order worth over CA$5 M (EUR3 M) from
a global producer of semi-conductors, a field in which CWT has 
developed recognized expertise and a significant business base. 
"Being awarded this contract not only confirms GLV´s entry, through 
CWT, into a new market segment, but it also attests to an improvement
in market conditions and investments in the microelectronics 
industry," added Mr. Verreault.
More than 88% of CWT´s Shares Acquired or Tendered as of Today
GLV´s management confirms that as of today, 88.14 % of CWT´s 
outstanding shares have either been purchased by GLV (86.5%), or 
tendered by CWT´s shareholders (1.64%). Pursuant to the terms of the 
voluntary takeover bid for CWT´s shares (the "Offer") launched by GLV
in October 2009, CWT´s shareholders have until February 19, 2010 to 
tender their shares. Marc Barbeau, Executive Vice-President and Chief
Financial Officer, indicated that the share purchase process is 
progressing as scheduled. "Given the percentage of shares tendered 
and purchased to date, we are confident that GLV will complete the 
purchase of CWT´s total share capital during the coming quarters."
The Combining of EWT and CWT´s Global Operations Is Progressing in 
Accordance with Management´s Expectations
Within the first week following the closing of the CWT acquisition, 
the officers of GLV and its Water Treatment Group visited all of 
CWT´s offices and met with all employees. A special committee 
comprised of key managers of EWT and CWT was set up to implement the 
combination plan of both companies´ respective global organizations. 
Thus far, the following main initiatives have already been taken:
• CWT has divested the 49% interest it held in the Zeta Group, whose 
operations did not fit into GLV´s strategic focus.
• Substantially all of CWT´s head office functions, previously 
carried-out in Switzerland and Austria, have been assumed by GLV´s 
head office in Montreal (Canada).
• The Company has undertaken to restructure some of CWT´s business 
centres in North America and Europe in order to eliminate certain 
non-strategic operations. In addition, it has already initiated the 
process of combining CWT´s and EWT´s operations in China and 
Singapore to maximize the synergies.
• Subsequent to its assessment of the assets and positioning of CWT´s
"Food and Beverage" division, management decided to maintain these 
operations. "This CWT division has sound technologies and we see good
potential to restructure it financially and increase its value within
a reasonable timeframe of 12 to 24 months," Richard Verreault 
explained.
• The Company is currently drawing up a global branding strategy to 
fully leverage the reputation and awareness of CWT´s and EWT´s 
various technologies, trademarks and business entities.
• Finally, as planned, CWT´s balance sheet at the acquisition date 
has been restructured to ensure its financial health, solidity and 
compliance with the criteria in place at GLV, which entailed major 
adjustments to several assets and liabilities. CWT´s balance sheet 
position at the acquisition date resulting from these adjustments 
will be reflected in GLV´s balance sheet in the purchase equation. 
However, it should be noted that the aforementioned adjustments will 
be accounted for in the results of the public subsidiary CWT for its 
fourth quarter and fiscal year ended December 31, 2009.
Management is satisfied with the way the combination is progressing. 
In light of recent market developments, GLV is also confident that 
the CWT / EWT combination will provide the Water Treatment Group with
broader and sustainable growth drivers and, global leadership over 
the medium and long term, as it will result in a more complete, 
stronger value-added technological portfolio, a better balanced 
positioning between the industrial and municipal segments, an 
increased presence in certain high-growth markets — such as thermal 
power generation, seawater desalination, petrochemicals and 
microelectronics industries — and a stronger international footprint,
notably in Asia and Europe.
end of announcement                               euro adhoc

Further inquiry note:

GLV, Christ Water Technology AG
Marc Barbeau, CA
marc.barbeau@glv.com
Phone: +1 (514) 284-2224

Branche: Biotechnology
ISIN: AT0000499157
WKN: 675399
Index: WBI, ATX Prime
Börsen: Wien / official market

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