Seprotech Reaches Debt Settlement Agreement With Suppliers
2011年9月13日 - 11:31PM
PR Newswire (Canada)
OTTAWA, Sept. 13, 2011 /CNW/ -- OTTAWA, Sept. 13, 2011 /CNW/ -
Seprotech Systems Incorporated (TSX-V: SET; "Seprotech" or the
"Company") advises that it has reached agreements (the "Settlement
Agreements") for the payment of debts owed to suppliers
("Suppliers") in the aggregate amount of $705,000. Pursuant to the
terms of the Settlement Agreements, the debts will be secured by a
subordinated debenture, with principal and interest payable on
January 1, 2012, subject to extension if Seprotech completes
certain additional financings. Upon completion of such financings,
the Company has the option to convert 50% of the debt into common
shares of Seprotech. Such conversion will be subject to TSX.V
approval at the time of conversion. "Together with the recently
announced restructuring of our bank credit line, this Settlement
Agreement completes another key element in our plan to strengthen
Seprotech's balance sheet and position the Company for growth,"
said Jordan Grant, Chairman & CEO. "Seprotech is very
gratified to receive this vote of confidence and support from many
of our important suppliers and business partners," concluded Mr.
Grant. About Seprotech: Seprotech is a provider of pre-engineered
water and wastewater treatment solutions to the municipal/land
development, resource sector and military market place, including
Reverse Osmosis water purification systems, ROTORDISK® biological
sewage treatment package plants and CrystalBlue™ membrane-based
water recycling systems. Neither 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. The TSX Venture Exchange
has neither approved nor disapproved of the information contained
herein. Some of the statements in this press release, including
those relating to the Company's strategies and other statements
that are predictive in nature, that depend upon or refer to future
events or conditions, or that include words such as "expects",
"anticipates", "intends", "plans", "believes", "estimates" or
similar expressions, are forward-looking statements within the
meaning of securities laws. Forward-looking statements include,
without limitation, the information concerning possible or assumed
future results of operations of the Company. These statements are
not historical facts but instead represent only the Company's
expectations, estimates and projections regarding future events.
The Company does not undertake any obligation to update or release
any revisions to these forward-looking statements to reflect events
or circumstances after the date of this presentation or to reflect
the occurrence of unanticipated events, except as required by law.
To view this news release in HTML formatting, please use the
following URL:
http://www.newswire.ca/en/releases/archive/September2011/13/c2813.html
p Mr. Ian W. Malone, CFObr/ Tel: (613) 523-1641br/ Fax: (613)
731-0851 /p
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