CALGARY, Feb. 24, 2017 /CNW/ - Seair Inc. (TSX
VENTURE:SDS) ("Seair" or the "Company") announces
that the company has defaulted on the terms of its senior debt (the
"Senior Debt") and is currently in negotiations with its
creditors to develop a restructuring plan. The aggregate principal
amount of the Senior Debt is $215,125, with accrued interest $9,273 matured on February
21, 2017. Upon default of the terms of the Senior Debt,
there was a cross-default triggered on the Company's 8% secured,
subordinate, convertible, redeemable debentures in the aggregate
principal amount of $4,572,377 and
accrued interest of $78,169.
Seair anticipates disseminating a further news release
concerning the status of restructuring in the near future. In
the interim period, Seair has requested that trading in its shares
be resumed.
About Seair
Seair Inc. is a Calgary-based
cleantech company. Seair has commercialized proprietary technology
that can diffuse gases, such as oxygen, ozone and carbon dioxide,
into liquids more effectively and with lower power consumption than
the competition. Seair's patented technologies can produce micron
size bubbles that are more efficient than other diffusion
technologies because the diffused gases remain in solution for
extended periods of time, leading to increased productivity and
lower operating costs. Seair has been working with customers in the
oil and gas industry for over five years. Seair applications
include oil sands SAGD water solutions, frac and produced water
treatment, industrial ponds treatment, mine dewatering/treatment,
end-to-end sewage treatment for permanent residential communities
and remote work camps, golf course irrigation and pond treatment
and most recently, industrial emissions treatment. Parties
interested in obtaining further information or receiving news
releases and corporate documents from Seair may email such requests
to info@seairinc.com or visit the Seair website at
www.seairinc.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Seair Inc.