EDMONTON, June 27, 2012 /CNW/ - Seair Inc. (SDS:TSX Venture Exchange) is pleased to announce the proposal to amend the terms of the Convertible Debentures, announced on May 29, 2012, has been approved in a vote by the debentureholders. Fifty five debentureholders holding in aggregate $6,354,000 of the Convertible Debentures representing 72.61% of the outstanding Principal amount (being $8,751,000) voted 100% in favor of the amendments to the Convertible Debentures. The amendments consist of extending the Convertible Debenture maturity date to October 31, 2012 and increasing the annual interest rate from 8% to 10%. The trustee for the debentureholders has expressed concern about the notice period provided for the June 20, 2012 meeting of debentureholders and Seair is working diligently to resolve these concerns so that the supplemental indenture can be executed in a timely manner.
Harold Kinasewich, Seair's President and CEO, states "we appreciate the strong support given to this proposal by the debentureholders. We have a clear mandate to pursue a variety of financing alternatives that will benefit the debentureholders and Seair's shareholders."
Seair develops proprietary equipment that diffuses gases, such as oxygen, ozone and carbon dioxide, into liquids. Seair's patented technologies can produce extremely small bubbles which are more efficient than other diffusion technologies. The result is a stable condition, where gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. This, in turn, facilitates gas-based treatment of complex and challenging wastewater and allows Seair to provide full water reuse and closed loop systems.
Seair applications include frac and produced water treatment, efficient aeration of industrial ponds, mine dewatering, end-to-end sewage treatment for permanent residential communities and remote work camps, golf course irrigation and pond treatment, and oil sands/SAGD water solutions.
Parties interested in obtaining further information or receiving news releases and corporate documents from Seair may email such requests to [email protected] or visit the Seair website at www.seair.ca.
This news release contains forward-looking statements relating to the future operations of the Seair Inc. and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. More particularly, this press release contains statements concerning the appointment of a new trustee to sign the supplemental indenture and Seair's plans to seek out financing alternatives. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Seair Inc. Certain risk factors about Seair can be found in Seair's disclosure documents at www.SEDAR.com. In particular, Seair will require additional financing to meet its obligations under the Debenture Indenture. In light of the current state of the local and global financial markets Seair may not be able to complete any financing on acceptable terms or at all. The ability of Seair to arrange such financing in the future will depend in part upon the prevailing capital market conditions as well as the business performance of Seair. An inability to raise additional financing could result in Seair defaulting under the terms of the Debenture Indenture as amended by the supplemental indenture. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release are made as of the date of this news release, and Seair Inc. does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
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