Seprotech Systems Incorporated
TSX VENTURE : SET

Seprotech Systems Incorporated

September 10, 2007 09:27 ET

Seprotech Receives Financing Committment

OTTAWA, ONTARIO--(Marketwire - Sept. 10, 2007) - Seprotech Systems Incorporated (TSX VENTURE:SET) ("Seprotech") is pleased to announce it has received a commitment letter from Unity Savings and Credit Union Ltd. establishing a $1m revolving term loan and a $2.5m stand-by wholesale lease line. The financing is subject to the satisfaction of conditions and security documentation outlined in the agreement.

"This is a strong vote of confidence from the financial marketplace and highlights the improved financial strength and prospects for the Company" said Martin J. Hauschild, President and CEO. "This facility will help meet our day to day working capital needs as well as to help expand sales by offering leasing alternatives to our customers".

Seprotech has also previously announced that the Company is reducing debt and materially improving the balance sheet by issuing Notices of Redemption to Debenture holders. As of this date, $433k of the $900k debentures have been converted. Based on current market conditions and the Debenture conversion price, Seprotech anticipates that all Debenture holders will convert. The Company has no further long-term debt once the debenture has been cleared.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this news release may contain forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual achievements to differ materially from those expressed in the forward-looking statements. Seprotech does not assume responsibility for the accuracy and completeness of the forward-looking statements and do not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Contact Information

  • Seprotech Systems Incorporated
    Mr. Robert J. Searle
    Investor Relations
    613-523-1641
    613-731-0851 (FAX)
    rsearle@seprotech.com