Quebec, Canada [RenewableEnergyWorld.com] Xebec, a new company formed by the merger of QuestAir Technologies Inc. and Xebec Adsorption Inc. announced that the previously approved statutory plan of arrangement involving QuestAir and Xebec Adsorption, has been completed.
Xebec, the merged company, will immediately leverage the available synergies between the two companies in gas purification, global distribution and manufacturing to expand its market share in clean energies, such as hydrogen purification, biogas upgrading and natural gas dehydration.
“The closing of our merger with QuestAir allows us to deliver strong and compelling benefits to our customers, shareholders and employees,” said Kurt Sorschak, the former president of Xebec Adsorption who is now president and CEO of Xebec. “Xebec is focused on creating a world powered by clean energy. We now have a solid product offering for the growing renewable energy industry, complementing our market-leading position in dehydration technology for clean fuels such as CNG.”
As a result of the merger, former Xebec Adsorption shareholders now hold approximately 45 percent of the common shares of Xebec and former QuestAir shareholders hold approximately 55 percent of the common shares of Xebec. The former Xebec Adsorption shareholders will be able to earn additional shares to increase their shareholding to approximately 57 percent of Xebec. The number of additional shares earned will be based on the achievement of certain financial targets in the 2009 and 2010 fiscal years.