ProSep Inc.

ProSep Inc.

July 16, 2009 23:59 ET

PROSEP Announces Closing of the Amendments to the Debentures

MONTREAL, July 16 - ProSep Inc. (TSX: PRP) ("ProSep" or the
"Company"), dedicated to providing process solutions to the oil and gas
industry, today announced the closing of the previously announced amendments
to the Company's existing debentures (the "Debentures") to convert $7,845,620
of indebtedness into common shares of ProSep (the "Common Shares") by amending
the terms of the Debentures (the "Amendments"). As a result of the Amendments,
the Company issued 60,350,923 Common Shares and has, at the date hereof, a
total of 124,794,374 Common Shares issued and outstanding.

About ProSep Inc.

ProSep Inc. is dedicated to providing process solutions to the oil and
gas industry. ProSep designs, develops, manufactures and commercializes
technologies to separate oil, water and gas generated by oil and gas
production. For more information, please visit www.prosepinc.com.

Caution concerning forward-looking statements

This press release may contain forward-looking statements, including
statements regarding the business and anticipated financial performance of
ProSep. These statements are based, among others, on the Company's current
assumptions, expectations, estimates, objectives, plans and intentions
regarding projected revenues and expenses, the economic and industry
environments in which the Company operates or which could affect its
activities, the Company's ability to attract new clients and consumers as well
as its operating costs, raw materials and energy supplies which are subject to
a number of risks and uncertainties. Forward-looking statements can generally
be identified by the use of the conditional tense, the words "may", "should",
"would", "believe", "plan", "expect", "intend", "anticipate", "estimate",
"foresee", "objective" or "continue" or the negative of these terms or
variations of them or words and expressions of similar nature. Actual results
could differ materially from the conclusion, forecast or projection stated in
such forward-looking information. These statements are subject to a number of
risks and uncertainties that may cause actual results to differ materially
from those contemplated by the forward-looking statements. Some of the factors
that could cause such differences include but are not limited to the Company's
ability to develop, manufacture, and successfully commercialize value added
equipments and services, the availability of funds and resources to continue
its operations and pursue its projects, legislative or regulatory
developments, competition, technological change, changes in government and
economic policy, inflation and general economic conditions in geographic areas
where ProSep operates. These and other factors should be considered carefully
and undue reliance should not be placed on the forward-looking statements.

%SEDAR: 00009317EF

Contact Information