Seprotech Systems Incorporated

Seprotech Systems Incorporated

December 07, 2007 16:24 ET

Seprotech Finalizes Agreement to Purchase P.J. Hannah Equipment Sales Corp.

OTTAWA, ONTARIO--(Marketwire - Dec. 7, 2007) - Seprotech Systems Inc. (TSX VENTURE:SET) is pleased to announce that it has completed the acquisition of P.J. Hannah Equipment Sales Corporation ("P.J. Hannah Corp.") based in British Columbia. The asset purchase of P.J. Hannah Corp. was finalized with no material changes of the terms announced on the 11th of October 2007.

P.J. Hannah Corp was founded in 1973 and manufactures a range of water and wastewater treatment equipment for use in municipalities and by the resource sector. Revenues have ranged from approximately $2.0 million to $3.3 million per year over the past five years (unaudited). P.J. Hannah Corp. has experienced substantial growth in 2007 with revenues expected to be approximately $5 million.

"P.J. Hannah Corp. has a solid track record and an excellent reputation within the environmental industry," said Martin J. Hauschild, President & CEO of Seprotech. "The acquisition provides skilled staff and essential distribution & service coverage in Western Canada to clients in the mining, oil & gas and land development sectors - both key elements in achieving rapid growth for Seprotech."

"Our staff is looking forward to coming together with the Seprotech team," said Peter Hannah, President of P.J. Hannah Corp. "Uniting our two companies creates a Canadian corporation that can compete and expand internationally by offering the most advanced environmental solutions related to water in the marketplace."

"This deal is highly accretive on a number of levels," said Justin Connidis, Seprotech Chairman. "Seprotech acquires a number of complementary proprietary technologies with this transaction and we plan to leverage tremendous future growth from the addition of P.J. Hannah Corp. skilled sales staff and client base."

Seprotech is a provider of pre-engineered water and wastewater treatment plants to the land development, resource sector and military market place, including CrystalBlue™ membrane-based water recycling systems and the ROTORDISK® wastewater treatment systems.

Contact Information

  • Seprotech Systems Inc.
    Mr. Robert J. Searle, CFO
    Investor Relations
    613-731-0851 (FAX)