OTTAWA, Oct. 6 /CNW Telbec/ - Seprotech Systems Incorporated (TSX-V: SET; "Seprotech") is pleased to announce that it has received regulatory approval for the satisfaction of debts and commissions owed to staff ("Staff") in the aggregate amount of $125,500.00. The debts being converted have all been previously accrued and reported on the financial statements of Seprotech as per the announcement made on the 6th of August 2009.
Under the terms of the regulatory approval for the Settlement Agreements, Seprotech has moved forward with the settlement of $55,500.00 of debt. As a related party transaction, the settlement of $70,000.00 in debts owed to Officers and Directors of the company under the contractual terms of the Settlement Agreements is subject to disinterested shareholder approval at the next Annual General Meeting ("AGM") planned for February 2010. Should shareholder approval not be secured under the terms of the signed Agreements at the AGM, the debt owed will be immediately due in full and subject to a 12% interest penalty.
In light of renewed interest, Seprotech is re-extending the offer to enter into comparable Settlement Agreements with external creditors. The offer is open to any creditor of Seprotech who expresses an interest in such a transaction by the 16th of October at the rate of one common share for each $0.075 of debt converted. The offer to convert a maximum of $150,000.00 of debt per creditor and a maximum aggregate conversion of $350,000.00 in debt is subject to all applicable regulatory requirements and consents.
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: For Expressions of Interest and Further Information, please contact: Mr. Matthew Anderson, Investor Relations, Tel: (613) 523-1641, Fax: (613) 731-0851