Press release from CNW Group
Seprotech Announces Bridge Loan Facility
Tuesday, November 29, 2011
OTTAWA, Nov. 29, 2011 /CNW/ - Seprotech Systems Incorporated (TSX-V: SET) ("Seprotech" or the "Company") announces a bridge loan facility of up to $200,000 (the "Loan") available until February 27, 2012. The loan is unsecured, and carries an interest rate of 7% per annum, payable monthly in arrears.
An Insider of the Company, Seprotech's Chairman Jordan Grant, will participate for up to a maximum of 50% of the Loan. Mr. Grant will participate in the Loan on the same terms and conditions as other participants.
Proceeds from the Loan will be utilized as working capital to accelerate completion of various contracts now in varying stages of assembly by the Company.
Seprotech is a provider of pre-engineered water and wastewater treatment solutions to the development, resource and military sectors, 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 the private placement financing activities of the Company, the use of proceeds of the private placement financing, 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