ProSep Inc.
TSX : PRP

ProSep Inc.

April 04, 2011 08:00 ET

ProSep Concludes a $2.5 Million Revolving Loan Agreement with Fondaction

MONTREAL, QUEBEC--(Marketwire - April 4, 2011) - ProSep Inc. (TSX:PRP) ("ProSep" or the "Company"), dedicated to providing process solutions to the oil and gas industry, announced today that it has concluded a $2.5 million unsecured revolving loan agreement with Fondaction, le Fonds de développement de la Confédération des Syndicats Nationaux pour la coopération et l'emploi, ProSep's largest shareholder. This facility will provide the Company with additional liquidities to fund working capital requirements due to an increased level of activity and growing backlog and to support investments in strategic initiatives.

The facility bears interest at a monthly fixed rate of 1%, has an initial twelve month term and, subject to annual review, can be renewed for up to a total of three years. It will rank after any existing secured indebtedness of the Company.

About ProSep

ProSep is a technology-focused process solutions provider to the upstream 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.prosep.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 Inc. 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 Inc. operates. These and other factors should be considered carefully and undue reliance should not be placed on the forward-looking statements.

Contact Information

  • ProSep Inc.
    Investor Relations and Media:
    Danielle Ste-Marie - VP Marketing and Communications
    514-522-5550 ext. 238
    dste-marie@prosepinc.com