MONTRéAL, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Earth Alive Clean Technologies Inc. (TSXV: EAC – “Earth Alive” or the “Company”) provides an update to its previous press release issued on October 22, 2024 following its filing, on the same date, of a Notice of Intention to Make a Proposal (the “NOI”) pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada) (the “BIA”). Raymond Chabot Inc. was appointed as proposal trustee to the NOI proceedings (the "Trustee").

On November 1, 2024, the Company has sought and obtained from the Superior Court of Québec (the “Court”) an order (the “November 1, 2024 Order”), inter alia, (i) approving the interim financing facility pursuant to which a group of interim lenders – which includes management members, board members and shareholders – will advance interim financing to the Company in the amount of up to C$1,720,000 (the “Interim Financing Facility”) to provide the necessary liquidity to fund working capital needs and expenses throughout the NOI proceedings and (ii) authorizing the Company to pursue, under the supervision of the Court, with the assistance of the Trustee, a formal sale and investment solicitation process (the "SISP"), in order to conclude a transaction with a view to maximizing the value of the Company’s business and assets.

In order to participate in the SISP and obtain access to a virtual data room, all interested parties must comply with the terms and conditions set forth in the November 1, 2024 Order and in the process letter, copy of which is available on the website of the Trustee at https://www.raymondchabot.com/en/companies/public-records/earth-alive-clean-technologies-inc/.

Parties interested in participating in the SISP are reminded that (i) the due diligence period ends at 5:00 p.m. on December 20, 2024 and (ii) the deadline for submission of binding offers is 5:00 p.m. (Eastern Time) on December 20, 2024.

Anyone interested in participating in the SISP can contact the Trustee (Ayman Chaaban - [email protected]) or the Company’s legal counsel (Gabriel Lavery Lepage – [email protected]).

The Company will provide further updates as developments regarding the NOI proceedings and the SISP warrant. A copy of the relevant information regarding the NOI proceedings and the SISP is available on the Trustee's website at the address provided above.

About Earth Alive Clean Technologies Inc.

Earth Alive is a leader in the microbial technologies industry. Earth Alive’s innovative products contribute to regenerative agriculture, natural dust suppression with minimal water use, and ecological, human-friendly industrial cleaning. For more information, please visit: https://earthalivect.com.