OTTAWA, July 3, 2013 /CNW/ - BluMetric Environmental Inc. (TSX-V: BLM,
"BluMetric" or the "Company") announces the conversion of 2,831,325
Series I Special Shares of the Company to 2,831,325 common shares of
the Company. Some of the common shares will be subject to ongoing
escrow arrangements. Following the conversion, the total number of
BluMetric common shares issued and outstanding is 25,191,656.
The foregoing conversion was contemplated in the Share Exchange
Agreement dated September 21, 2012 between BluMetric (formerly
Seprotech Systems Incorporated) and WESA Group Inc. ("WESA") in which
the parties agreed that in addition to the $9,400,536 consideration
being paid in the form of common shares of BluMetric to WESA
shareholders for their WESA shares, additional consideration would be
paid to reflect the value of inclusion of WESA's real estate assets,
which were added to the transaction subsequent to the originally agreed
The value of the equity in the real estate was agreed to be $1,880,000,
resulting in total aggregate consideration of $11,280,536. This
additional consideration was settled by the issuance to the WESA
shareholders of 2,831,325 Series I Special Shares of BluMetric (the
"Special Shares"). Each Special Share was to have been automatically
converted into common shares of BluMetric on the earlier of (i)
completion of a qualified financing following the completion of the
acquisition of WESA by BluMetric for gross proceeds of not less than
$2,000,000 for an issue price of not less than $0.664 per common share,
and (ii) July 2, 2013. No such qualified financing has been completed
within the prescribed time frame and, accordingly, the floor conversion
price of $0.664 has been applied, resulting in a one-for-one conversion
BluMetric delivers sustainable solutions to complex environmental
issues. The Company serves clients in many industrial sectors, and at
all levels of government, in Canada and abroad.
BluMetric operates through two divisions:
Professional Services, providing environmental earth sciences and engineering solutions,
including contaminated site remediation, water resource management,
industrial hygiene, occupational health & safety, and renewable
energy. This division also operates under the names "WESA",
"Envir-Eau", and "OEL-HydroSys"
Water, focussing on design-build and pre-engineered product solutions for
industrial/commercial water and wastewater treatment needs. This
division also operates under the names "WESAtech" and "Seprotech".
More information can be obtained at www.blumetric.ca.
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.
SOURCE: BluMetric Environmental Inc.
For further information:
Ian W. Malone, CFO
Tel: (613) 523-1641
Fax: (613) 731-0851
Robin M. Sundstrom
IRonside Investor Relations
Tel: (647) 822-8111