Chemtrade Electrochem Inc. (Formerly Canexus Corporation) Announces Change of Auditor and Changes to Board of Directors
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Calgary, Alberta (June 1, 2017) – Chemtrade Electrochem Inc. (formerly Canexus Corporation) (“Chemtrade Electrochem” or the “Corporation”) announced today that its board of directors has approved a change of Chemtrade Electrochem’s auditors. At the request of the Corporation, Deloitte LLP has resigned as auditor of the Corporation effective immediately. The board of directors of the Corporation has appointed KPMG LLP as the successor auditor.
Chemtrade Electrochem has sent a Notice of Change of Auditor to Deloitte LLP and to KPMG LLP and has received a letter from each, addressed to the securities regulatory authorities in each of the provinces of Canada stating that they agree with the information contained in the notice. The notice, together with the letters from each of Deloitte LLP and KPMG LLP have been reviewed by the board of directors of Chemtrade Electrochem and such documents are available on www.sedar.com.
There were no disagreements or unresolved issues with Deloitte LLP on any matter of audit scope or procedures, accounting principles or policies, or financial statement disclosure. It is the Corporation’s opinion that there have been no “reportable events” as defined in National Instrument 51-102 – Continuous Disclosure Obligations between the Corporation and Deloitte LLP.
Chemtrade Electrochem also announced that effective as of May 31, 2017, Mr. Lucio Di Clemente and Ms. Katherine Rethy have resigned as directors of the Corporation. Mr. Rohit Bhardwaj and Ms. Susan Paré have been appointed as directors.
The Corporation has been granted an order from the Alberta Securities Commission exempting Chemtrade Electrochem from the requirement to have an audit committee under the Business Corporations Act (Alberta). As a wholly-owned subsidiary, Chemtrade Electrochem is not subject to the audit committee requirements of National Instrument 52-110 – Audit Committees.
About Chemtrade Electrochem
Chemtrade Electrochem is an indirect wholly-owned subsidiary of Chemtrade that produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries.
Chemtrade operates a diversified business providing industrial chemicals and services to customers in North America and around the world. Chemtrade is one of North America’s largest suppliers of sulphuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite, sodium hydrosulphite and phosphorus pentasulphide. Chemtrade is a leading regional supplier of sulphur, chlor-alkali products, liquid sulphur dioxide, potassium chloride, and zinc oxide. Additionally, Chemtrade provides industrial services such as processing by-products and waste streams.
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For further information:
President & CEO
Tel: (416) 496-4176
Vice President, Finance & CFO
Tel: (416) 496-4177