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.
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.
SOURCE Seprotech Systems Incorporated
For further information:
Mr. Ian W. Malone, CFO
Tel: (613) 523-1641
Fax: (613) 731-0851