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Press release from CNW Group

Seprotech Completes Debt for Shares Settlement Agreements and Re-Prices Options

Tuesday, June 08, 2010

Seprotech Completes Debt for Shares Settlement Agreements and Re-Prices Options16:01 EDT Tuesday, June 08, 2010OTTAWA, June 8 /CNW Telbec/ - Seprotech Systems Incorporated (TSX-V: SET; "Seprotech") is pleased to announce that it has received disinterested shareholder and approval at the recent Annual General Meeting ("AGM") held on the 7th of May, 2010, for the settlement of outstanding internal and external debts announced on the 6th of August and 6th of October 2009 respectively. Seprotech has received regulatory approval of the filing from the TSX Venture Exchange and will move forward with the debt for shares settlements as per the following: << Internal Creditors Shares for Debt Conversion --------------------------------------------- >> As a related party transaction, the settlement of $70,000 in debts owed to Officers and Directors of the company under the contractual terms of the Settlement Agreements for 1,400,000 shares was subject to and received disinterested shareholder approval at the AGM held on the 7th of May, 2010. << External Creditors Shares for Debt Conversion --------------------------------------------- >> As a related party transaction, the settlement of $11,571.23 in debts owed to a Director of the company under the contractual terms of the Settlement Agreements for 154,283 shares was subject to and received disinterested shareholder approval at the AGM held on the 7th of May, 2010. << Re-Pricing of Options --------------------- >> In addition, Seprotech has re-priced the 2,500,000 options granted to Officers and Directors of the Company announced on the 28th of August at an exercise price of $0.075 to $0.10 in compliance with Exchange regulations.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.For further information: Mr. Matthew Anderson, Investor Relations, Tel: (613) 523-1641, Fax: (613) 731-0851