The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Seprotech Reaches Debt Settlement Agreement With Suppliers

Tuesday, September 13, 2011

Seprotech Reaches Debt Settlement Agreement With Suppliers10:31 EDT Tuesday, September 13, 2011OTTAWA, Sept. 13, 2011 /CNW/ - Seprotech Systems Incorporated (TSX-V: SET; "Seprotech" or the "Company") advises that it has reached agreements (the "Settlement Agreements") for the payment of debts owed to suppliers ("Suppliers") in the aggregate amount of $705,000. Pursuant to the terms of the Settlement Agreements, the debts will be secured by a subordinated debenture, with principal and interest payable on January 1, 2012, subject to extension if Seprotech completes certain additional financings. Upon completion of such financings, the Company has the option to convert 50% of the debt into common shares of Seprotech. Such conversion will be subject to TSX.V approval at the time of conversion."Together with the recently announced restructuring of our bank credit line, this Settlement Agreement completes another key element in our plan to strengthen Seprotech's balance sheet and position the Company for growth," said Jordan Grant, Chairman  & CEO. "Seprotech is very gratified to receive this vote of confidence and support from many of our important suppliers and business partners," concluded Mr. Grant.About Seprotech: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, CFO Tel: (613) 523-1641 Fax: (613) 731-0851