Semcan Inc.
TSX VENTURE : STT

Semcan Inc.

March 11, 2008 12:22 ET

Semcan Inc. Press Release

TORONTO, ONTARIO--(Marketwire - March 11, 2008) - Semcan Inc. ("Semcan") (TSX VENTURE:STT) announces that its wholly-owned subsidiary, Semco Systems Ltd. ("Semco") currently has a backlog of $27.9 million of signed orders. Semco provides engineering and design services primarily for environmental solutions, including water and waste water treatment, cleanup of emissions from power plants, and contaminated soil remediation. Its core expertise is designing storage and conveying systems for the bulk handling of dry goods, which lends itself to environmental control systems which use dry chemicals, including lime, soda ash and trona, to treat water or air emissions. These systems are also applied in the mining and manufacturing sectors.

John Plaskon, Semco's President, said that "The current backlog of $27.9 million includes $11.1 million of work recently secured for flue gas desulphurization systems in coal-fired power plants in the US and Canada. As well, the company is working on over $9 million worth of chemical reagent systems for Process Water Conditioning contracts in Alberta's oil sands, and also in Mexico and Mongolia." Of the current backlog, Semco expects to realize approximately $21 million in 2008 revenues.

"Semco's current level of activity reflects strong demand from all of its markets, with the exception of manufacturing," said Phil Jamieson, CEO of Semcan. "We anticipate continued strong demand for the design and implementation of systems used for protecting the environment, and Semco is well-positioned to prosper in North America. The pending acquisition of Naston Ltd., a UK water treatment company, represents the next step in our strategy of becoming a worldwide player in providing environmental services to industry and government agencies."

About SEMCAN

SEMCAN, is a growth company expanding through acquisitions within the Industrial and Distribution sectors. SEMCAN seeks out will managed and profitable companies that meet certain financial parameters. SEMCAN works with existing management to grow the acquired companies both organically and through further complementary acquisitions. SEMCAN provides the central finance and administrative functions, allowing operational management to remain focused on bottom line profitability thereby increasing shareholder value.

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements including the risks associated with operations and sales and risks associated with margins, suppliers and customers and risks associated with foreign exchange fluctuations, among others. These forward-looking statements represent SEMCAN's judgment as of the date of this press release. SEMCAN disclaims any intent or obligation to update these forward-looking statements.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Semcan Inc.
    Phil Jamieson
    Chairman and Chief Executive Officer
    (419) 703-1692 x221