SOURCE: SET Corp

SET Corp

January 24, 2012 08:29 ET

SET Corp Closes $1.5 Million Private Offering for Phase One Bakken Shale Expansion of ProWater's Centerline Facilities Into North Dakota and Montana

DENVER, CO--(Marketwire - Jan 24, 2012) - Sustainable Environmental Technologies (SET Corp) (OTCQB: SETS) (PINKSHEETS: SETS) has closed a private placement (the "Private Placement") for the sale of 15 million units of securities of the Company ("Units"), at a price of $0.10 per Unit, for the aggregate gross proceeds of $1,500,000 to be used as part of the Phase 1 expansion for SET Corp's wholly owned subsidiary, ProWater, into the Bakken Shale in North Dakota and Montana.

Each Unit consisted of one common share and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one common share of the Company ("Warrant Share") at an exercise price of $0.15 per Warrant Share. Exercise of these warrants would provide an additional $2.25 million in capital. The securities issued pursuant to the Private Placement are restricted securities subject to the resale restrictions of Rule 144 of the Securities Act of 1933. Please note, these aforementioned numbers are subject to adjustment after the reverse stock split becomes effective.

Keith Morlock, President of ProWater, said, "These funds will enable ProWater to build and install new Centerline SWD™ facilities in North Dakota and Montana that replicate and improve the design and cash flow from ProWater's profitable Utah facility. Each new facility, which will provide saltwater disposal, cleaning and recycling of water from oil production in the Bakken Shale, is projected to generate income within 3-4 months of commissioning; with regular, dependable income expected to be realized in the first half of fiscal year.

Oil production is booming in the Bakken Shale, with the number of wells having quadrupled since 2007 according to BusinessWeek. ProWater is one of the few companies with the technology to provide cleaning and recycling of the water, in addition to safe saltwater disposal required by the government to conserve and protect critical drinking water resources.

ProWater's U.S. growth and expansion will occur in three phases:

  • Phase 1 - the completion of three Class II Salt Water Disposal (SWD) Wells in North Dakota in 2012
  • Phase 2 - the completion of four additional Class II SWD Wells in North Dakota and Montana in 2013
  • Phase 3 - the sale, lease and operations of this technology and design to oil companies throughout the U.S.

Shareholder Protection
"SET Corp has always tried to maintain the value of its stock while growing the company -- maintaining shareholder value equals longevity of shareholder investment into the company," said Bob Glaser, CEO of SET Corp. "The best way to hold and improve shareholder value is to minimize the number of shares sold during offerings and reward early investors at a greater level than the investor that comes in at later periods. As we expand and increase revenue and profitability, we anticipate our stock price will improve significantly to reflect the added value held within SET Corp and its technologies."

About SET Corp
Sustainable Environmental Technologies Corp. (SET Corp), through subsidiaries such as ProWater, LLC acquire, develop and market strategic technologies that responsibly and economically solve environmental issues to bridge the gap between today's energy inefficient facilities and the sustainable development and design needs of tomorrow. SET Corp's technologies deliver essential resources for business operations while reducing their customers' environmental impact and conserving essential and diminishing resources. SET Corp's offering includes treatment, recovery, reclamation and re-injection services for produced water from oil and gas production and ultra-efficient tri-gen systems that offer combined cooling, heating, and power generation with the added capability of water production from a single energy source. Ticker: OTCQB: SETS, www.SETCorp.us, www.ProWater.us

Safe harbor statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's results of operation, financial position and long-term strategies. These forward-looking statements involve risks and uncertainties that include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, and fraud. More information about factors that potentially could affect SET Corp's financial results are included in SET Corp's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-Q or 10-K and subsequent filings.

Contact Information

  • For more information, contact:

    For SET Corp or ProWater:
    Investors:
    SET Corp
    +1 801 810 9888
    Email Contact

    Info:
    ProWater
    +1 303 937 6556
    Email Contact

    Media:
    Julie Shepherd
    Accentuate PR
    +1 801 810 9888X701
    Email Contact