CALGARY, Nov. 23, 2016 /CNW/ - Seair Inc. (TSX VENTURE:SDS) ("Seair" or the "Company") is pleased to announce that it has entered into an agreement with 1979927 Alberta Ltd. (the "Lender") pursuant to which the Lender has agreed to loan Seair the aggregate principal amount of $215,125 (the "Loan").
The Company anticipates using the proceeds from the Loan for working capital purposes, provided, however that the Loan shall not, without prior written consent of the Lender, be used for payment of any previously accrued amounts outstanding to any employee of the Company. The Loan bears interest at a rate of: (i) 17% per year compounded monthly in arrears from the date of each advance and including the Maturity Date (as hereinafter defined) and (ii) 22% per year compounded monthly in arrears from the day after the Maturity Date until the Loan and all interest thereon have been repaid in full. The Loan matures on the earlier of: (i) February 21, 2017, and (ii) the issuance of a notice of an event of default by the Lender to Seair that has not been cured within ten business days (the "Maturity Date").
In connection with the Loan, the Company has granted the Lender a security interest in all of the Company's present and after-acquired personal property, subject to certain permitted encumbrances and ranking pari passu with certain other creditors of the Company.
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 email@example.com or visit the Seair website at www.seairinc.com.
Statement Regarding Forward-Looking Information
This news release of Seair contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Seair's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements regarding Seair's expectations regarding the use of proceeds from the Loan. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Seair's expectations. Seair undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change
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.
For further information: Seair Inc., Jim Laird, CFO, firstname.lastname@example.org, 780-477-7188