Seprotech Systems Incorporated - Default Status Report

OTTAWA, Feb. 24 /CNW Telbec/ - Seprotech Systems Incorporated (TSX-V: SET; "Seprotech") is providing this bi-weekly Default Status Report in accordance with National Policy 12-203.

The audit for the fiscal year ended August 31st 2009 is nearly complete. A meeting of the Audit Committee was held on the 19th of February to review the Annual Financial Statements as scheduled and a final meeting for their approval is being held on the 26th of February. It remains the intention of Seprotech to file the Annual Financial Statements for fiscal year ended August 31st 2009 and the First Quarter of the 2010 fiscal year on the 26th of February 2010 as previously announced.

In its initial default announcement of the 29th of December 2009, (the "Default Notice"), the Company announced that it would not be filing its audited financial statements for its fiscal year ended August 31, 2009 (the "Annual Financial Statements") and its management's discussion and analysis relating thereto (collectively, the "Annual Required Filings") before the prescribed deadline of 29th of December 2009.

The Company applied for and received from its regulator, the Ontario Securities Commission, a Management Cease Trade Order under part 4 of National Policy 12-203. By virtue of this order, and until the required filings are complete, neither the CEO or CFO are permitted to trade in the securities of the Company, nor will the Company issue securities to or acquire securities from an insider or employee of the issuer except in accordance with legally binding obligations to do so existing as of the date of the continuous disclosure default.

The Company reports that since the Default Notice:

    
    (i)   there is no material change to the information set out in the
          Default Notice or the Default Status Reports that has not been
          generally disclosed;
    (ii)  there has been no failure by the Company in fulfilling its stated
          intentions with respect to satisfying the provisions of the
          alternative information guidelines set out in NP 12-203;
    (iii) there has not been any other specified default by the Company under
          NP 12-203; and
    (iv)  there is no other material information concerning the affairs of
          the Company that has not been generally disclosed.
    

The Company will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.

Seprotech is a provider of pre-engineered water and wastewater treatment plants to the land development, resource sector and military market place, including CrystalBlue(TM) membrane-based water recycling systems and the ROTORDISK(R) wastewater treatment systems.

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: For further information: Mr. Matthew Anderson, Investor Relations, Tel: (613) 523-1641, Fax: (613) 731-0851


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890