CALGARY, ALBERTA — (Marketwired) — 09/24/13 — Seair Inc. (TSX VENTURE: SDS) (“Seair” or the “Company”) is pleased to announce that it has engaged Acumen Capital Finance Partners Limited (“Acumen”) to act as Soliciting Dealer Manager in respect to obtaining an amendment to the terms of the Company–s outstanding $6.1 million dollars of 8.00% convertible debentures (the “Debentures”). The proposed amendments are as follows:
The interest rate of the Debentures shall remain at 8%. A date for a special meeting of debentureholders to approve the amendments to the Debenture has been set for October 31, 2013.
SEAIR anticipates circulating a notice of meeting with further information concerning the amendments to debenture holders in the coming days.
The amendment of the Debentures and the private placement are both subject to receipt of all requisite approvals, including, without limitation, the approval of the Company–s board of directors and the TSX Venture Exchange.
Seair–s CFO Jim Laird said, “Based on our discussions with Acumen and certain debenture holders, we are confident that the debenture holders will vote to approve the amendments to the debenture. These amendments will allow us the time the Company requires to reposition our business and take advantage of the customer interest we are seeing in our products and technology.”
ABOUT SEAIR
Seair Inc. (TSX VENTURE: SDS) is a Calgary-based cleantech company. Seair has commercialized proprietary technology that can diffuse gases, such as oxygen, ozone and carbon dioxide, into liquids more effectively and with lower power consumption than the competition. Seair–s patented technologies can produce micron size bubbles that are more efficient than other diffusion technologies because the diffused gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. Seair has been working with customers in the Oil and Gas industry for over five years.
Seair applications include oil sands SAGD water solutions, frac and produced water treatment, industrial ponds treatment, mine dewatering/treatment, end-to-end sewage treatment for permanent residential communities and remote work camps, golf course irrigation and pond treatment and most recently, industrial emissions treatment. Parties interested in obtaining further information or receiving news releases and corporate documents from Seair may email such requests to or visit the Seair website at .
Seair is proud to be recognized as one of the Top 5 Cleantech companies in the TMX 2012 Venture 50.
Statement Regarding Forward-Looking Information
This news release of Seair contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Seair–s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking statements in this document include statements regarding Seair–s expectations regarding the amendment of the Debentures and the completion of a private placement. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Seair–s expectations. Seair undertakes no obligation to update these forward-looking statements in the event that management–s beliefs, estimates or opinions, or other factors, should change.
Neither the 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 news release.
Contacts:
Seair Inc.
Jim Laird
CFO
780-477-7188