MONTRÉAL, Quebec -- GLV Inc. announced that it has completed the sale of its Pulp & Paper Division to 9027173 Canada Inc., a corporation owned by Richard Verreault and Laurent Verreault, the Executive Chairman of the Board of GLV, under the previously announced terms.

As previously disclosed, the total consideration received by GLV for the sale of the Division is $67 million and remains subject to certain post-closing adjustments.

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 Chief Executive Officer, 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 Chief Financial Officer in 2007.

In addition, GLV is pleased to announce that François R. Roy is appointed 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 Chief Financial Officer 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. Any changes in this regard will be communicated to shareholders and investors in due course.

"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 Chief Executive Officer 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."