TORONTO, ONTARIO--(Marketwire - April 7, 2011) - Semcan Inc. (TSX VENTURE:STT) ("Semcan or the "Company") today announced that the Company's common shares have been consolidated on the basis of two (2) existing shares for one (1) post-consolidation share following approval by the Company's shareholders at the special meeting held on March 31, 2011. The common shares began trading on a post-consolidation basis at the opening of trading on April 7, 2011.
At the special meeting, the Company's shareholders also approved the reorganization of the financial affairs of the Company through the approval of a secured convertible loan of a minimum of a minimum of $2,000,000 and a maximum of $3,000,000 and the conversion of a minimum $3,300,000 of debt into common shares as related party transactions and as creating new control persons, namely David Campbell and Philip Jamieson.
Completion of the secured convertible loan is subject to the approval of the TSX Venture Exchange.
About Semcan Inc.
Semcan is a supplier of industrial processes and environmental solutions with specific emphasis on water remediation and emission control systems to the North American markets.
Caution Regarding Forward-Looking Information and Non-GAAP Measures
Forward-Looking Information
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 assume any obligation to update or revise them to reflect new events or circumstances. Undue reliance should not be placed on forward-looking statements.
Contact Information: Semcan Inc.
David Deacon
CEO
(905) 875-5577