The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Seprotech announces full revocation of cease trade orders

Wednesday, August 03, 2011

Seprotech announces full revocation of cease trade orders09:22 EDT Wednesday, August 03, 2011OTTAWA, Aug. 3, 2011 /CNW/ - Seprotech Systems Incorporated (TSX-V: SET; "Seprotech" or the "Company") announces that the cease trade orders issued by the B.C. Securities Commission, the Ontario Securities Commission and the Manitoba Securities Commission (collectively, "the Commissions") on February 24, 2011, March 8, 2011 and April 19, 2011 respectively, have been fully revoked by the Commissions. The cease trade orders were imposed on the Company for failure to file its annual audited financial statements, related MD&A and other required documents (the "Annual Filings"), as well as its required filings for the interim periods ended November 30, 2010 and February 28, 2011 (the "Quarterly Filings"), each respectively due on December 28, 2010, January 28, 2011 and April 29, 2011. The required annual filings were filed on May 10, 2011, and the required quarterly filings were filed on May 13 and 17, 2011, respectively and can be viewed on .As more fully described in the Company's press release dated May 10, 2011 the delay in completing the required annual and quarterly filings resulted from management's detection during the first quarter of fiscal 2011 of an overstatement of revenue by a material amount with respect to its financial statements for the quarters ended November 30, 2009, February 28, 2010 and May 31, 2010. The overstatement resulted from over-billing a customer over a period of approximately 12 months from July 2009. The over-billing was reported to the customer, and fully repaid through applying a credit to subsequent work. Once the amount of the over-billing was confirmed, the affected quarterly financial statements were restated and subsequently filed on SEDAR.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.For further information: Mr. Ian W. Malone, Chief Financial Officer Tel: (613) 523-1641 Fax: (613) 731-0851