Semcan Inc.
TSX VENTURE : STT

Semcan Inc.

August 11, 2009 16:15 ET

Semcan Inc. Announces Extension of Maturity Date of Loan

TORONTO, ONTARIO--(Marketwire - Aug. 11, 2009) - Semcan Inc. (TSX VENTURE:STT) ("Semcan" or the "Company") announced today that it has agreed to an extension of the maturity date of a $3,000,000 loan due on August 12, 2009 to Westdale Construction Co. Ltd. The new maturity date of the loan is November 12, 2009, with partial payments of principal required prior to that date. The interest rate remains unchanged. The Company has agreed to pay an amendment fee of $25,000 and issue to the lender 500,000 common share purchase warrants exercisable at $0.08 for one year, subject to TSX Venture Exchange acceptance.

About Semcan Inc.

Semcan is a worldwide supplier of industrial processes and environmental solutions with specific emphasis on water remediation and emission control systems.

Forward-Looking Statement Disclaimer

Caution Regarding Forward-Looking Information and Non-GAAP Measures

This news release contains certain forward-looking statements. These statements relate to future events or future performance and reflect management's current expectations and assumptions regarding the growth, results of operations, performance, and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and expectations and are based on information currently available to management of Semcan. In particular, statements regarding the future operating results and economic performance are forward-looking statements. Forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including risks outlined under "Risk Factors" in our Annual Information Form, which is posted at www.sedar.com. In evaluating these statements, investors should specifically consider various factors, including such risks as Investment Risk; Business Valuations; Condition of Capital Markets; Dependence on Key Personnel; General Economic Factors; Interest Rate Risk; Competition; and Reliance on Key Suppliers. One or more of these "Risk Factors" could cause actual events or results to differ materially from any forward-looking statement. These factors should not be considered exhaustive. Although the forward-looking statements contained in this press release are based on what management of Semcan considers to be reasonable assumptions based on information currently available to them, there can be no assurance that actual events or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements are made as of the date of this press release, and none of Semcan nor its directors assumes any obligation to update or revise them to reflect new events or circumstances. Undue reliance should not be placed on forward-looking statements.

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 of this release.

Contact Information

  • Semcan Inc.
    Phil Jamieson
    Chairman
    (0)1 932 335944 or (416) 703-1692 x221