OTTAWA, Dec. 7 /CNW Telbec/ - Seprotech Systems Incorporated (TSX-V: SET; "Seprotech") is pleased to announce that it has received regulatory approval for the satisfaction of debts owed to external creditors ("Creditors") in the aggregate amount of $228,384.69. Creditors have agreed to convert debt owed by Seprotech into common shares of Seprotech resulting in the issuance of an aggregate of 3,045,129 common shares at a price of $0.075 per share to the Creditors.
The debts being converted have all been previously accrued and reported on the financial statements of Seprotech as per the announcement made on the 26th of October 2009. It should be noted that the final aggregate amount of $228,384.69 being converted is slightly lower than the $233,394.21 announced in the 26th of October press release.
Under the terms of the regulatory approval for the Settlement Agreements, Seprotech has moved forward with the settlement of $216,813.46 of debt, resulting in the issuance of an aggregate of 2,890,846 common shares at a price of $0.075 per share to the Creditors.
As a related party transaction, the settlement of $11,571.23 in debts owed to a Director of the company, resulting in the issuance of an aggregate of 154,283 common shares at a price of $0.075 per share 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.
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