Seprotech Systems Incorporated

Seprotech Systems Incorporated

November 23, 2006 16:34 ET

Seprotech to Enter into Debt for Shares Settlement Agreement with Board of Directors

OTTAWA, ONTARIO--(CCNMatthews - Nov. 23, 2006) - Seprotech Systems Incorporated (TSX VENTURE:SET) has reached a settlement agreement for director fees owed to outside members of the Seprotech Board of Directors for the period of May 1, 2005 to August 31, 2006 plus certain commissions owed to a corporation related to the Chief Executive Officer. This indebtedness was all accrued as incurred, and reported as a current obligation. The parties have agreed to convert debt of $75,000 into common shares of Seprotech at a price per share of 10 cents, which will result in Seprotech issuing a total of 750,000 common shares to the creditors. This agreement was made in order to reduce the current indebtedness of the Corporation, while reflecting its current cash constraints and the need to preserve working capital for operating purposes.

The settlement agreement is subject to the approval of the TSX Venture Exchange.

Seprotech is listed on the TSX Venture Exchange under the ticker symbol SET. The Company is a provider of environmental solutions in water and wastewater to the land development, municipal, industrial and military marketplace using its proprietary membrane and biological technologies.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Some of the statements in this press release, including those relating to the Company's strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.

Contact Information

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