On Apri 13, 2023, FormerXBC Inc., formerly known as Xebec Adsorption Inc., finalized the sale of key assets from its three subsidiaries as part of its ongoing sale and investment solicitation process (SISP).

On March 20, 2023, FormerXBC completed the sale of nearly all assets of The Titus Company, its wholly-owned subsidiary based in Pennsylvania, to FAD Pennsylvania Inc. (Fluid-Aire). Three days later, on March 23, 2023, it finalized the sale of most assets of its Wisconsin-based subsidiary, XBC Flow Services – Wisconsin Inc., to Total Energy Systems, LLC. The latest transaction occurred on April 5, 2023, when FormerXBC sold the majority of assets of FormerXBC USA Systems, LLC, its Colorado-based subsidiary, to EnergyLink US Inc., an affiliate of EnergyLink Corporation.

Osler, Hoskin & Harcourt LLP and McDonald Hopkins LLC served as FormerXBC's legal advisors, with National Bank Financial Inc. acting as financial advisor. Fluid-Aire was represented by Mogan Daniels Slager LLP and Meltzer, Purtill & Stelle LLC. Godfrey & Kahn, S.C. advised Total Energy Systems, while Stikeman Elliott LLP and Nelson Mullins Riley & Scarborough LLP provided legal counsel to EnergyLink.

Further updates on FormerXBC's proceedings under the Companies' Creditors Arrangement Act (Canada) and the U.S. Bankruptcy Code Chapter 15 will be provided as necessary. Information is available on the Deloitte Restructuring Inc. website or by contacting the Monitor directly.