As per the terms of the share sale agreement, Richard Verreault resigned in his capacity as director, officer and employee of GLV. To replace him as head of GLV, the Corporation's Board of Directors has unanimously agreed to appoint Marc Barbeau as President and CEO, effective immediately. Prior to this appointment, Mr. Barbeau was, since June 2012, Executive Vice President of GLV Inc. and President of Ovivo. He joined GLV's finance team in 2000 and was appointed as Executive Vice President and CFO in 2007.
GLV appointed François R. Roy as a director of the Corporation. Mr. Roy has a distinguished track record as a corporate director and executive in both the private and public sectors, as well as at non-profit organizations and in academia. During the course of his career, Mr. Roy has held the position of CFO at Quebecor, Avenor, Telemedia Corporation and McGill University. He has been a corporate director since 1998 and sits on the boards of la Caisse de dépôt et placement du Québec, Transcontinental, Noranda Income Fund and Capstone Infrastructure Corporation.
Furthermore, the Corporation announced that a previously disclosed new revolving credit facility has been put in place, and is now available to GLV. This facility consists of a line of credit of $60 million available for general corporate purposes and $80 million available for letters of credit guaranteed by Export Development Canada. This financing was arranged through a bank syndicate led by National Bank Financial in their capacity as Lead Arranger and Bookrunner. The other syndicate participants are Royal Bank of Canada, Comerica Bank and HSBC Bank Canada.
In the next few weeks, GLV will change its name to Ovivo Inc. to reflect the Corporation's focus on water treatment products and solutions. In addition, the Corporation will seek approval from the Toronto Stock Exchange for new ticker designations.
"With the sale of the Pulp & Paper Division completed, we are very pleased to move forward to the next chapter of the future of our Corporation," said President and CEO Marc Barbeau. "With a strong balance sheet and a dedicated management focus, Ovivo is well- positioned to capitalize on the compelling opportunities available in the fast growing water treatment industry."
