|By Marketwired .||
|April 8, 2014 12:36 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 04/08/14 -- Seair Inc. (TSX VENTURE:SDS) ("Seair" or the "Company") announces that it has engaged Integral Capital Markets, a division of Integral Wealth Securities Limited ("Integral") as its exclusive agent on a private placement offering of convertible debentures (the "Offering"). The Offering will be a minimum of $500,000 and up to a maximum of $1,000,000 million of secured, subordinate, convertible, redeemable debentures (the "2014 Debentures") having the following principal terms:
1. Conversion at $0.30 per common share in the capital of the Company (the "Common Shares") at the holder's option, any time prior to maturity. 2. The Company can force the conversion of the 2014 Debentures into Common Shares at any time starting six months after closing if (a) the Common Shares trade above a volume weighted average of $0.38 per share for 20 consecutive trading days and (b) the Company has previously reported a quarter with positive net income; 3. Debentures rank pari passu with the Company's existing 8% secured, subordinate, convertible, redeemable debentures due December 31, 2015 (the "2012 Debentures"); and 4. Maturity is December 31, 2015. 5. The Company will have a redemption option upon no less more than 60 days and less than 30 days notice, (the "Redemption Notice"). Holders will have the right to convert their 2014 Debentures prior to the expiry of the Redemption Notice.
The 2014 Debentures will be governed pursuant to a trust indenture to be entered into on or prior to the closing of the Offering.
The Company expects to close the Offering in May 2014. As a condition precedent to the closing of the Offering, the Company must receive approval of the holders of the 2012 Debentures to amend the terms thereof as follows:
1. to permit the security to be granted in respect of the 2014 Debentures to rank pari passu with the 2012 Debentures; 2. to remove security restrictions on the assets comprising the Company's septic division to allow for their sale in addition to their rental and to provide for the division of any proceeds resulting from such sales; and 3. to provide the Company with an option to pay interest payable on the 2012 Debentures in Common Shares instead of cash.
There will not be any changes to the conversion price or the maturity date of the 2012 Debentures.
In connection with the amendment of the terms of the 2012 Debentures, the Company will call a meeting of the holders of the 2012 Debentures, such meeting currently anticipated to be held mid-May, 2014.
"We are happy to be working with Integral and I'm comfortable that we will be able to close this transaction, including the proposed modifications to the 2012 Debentures, before the end of May 2014" said Jim Laird, CFO. "We believe these changes to the 2012 Debentures, including the ability to sell under-utilized septic assets which don't fit our current strategy, will provide the Company with the required working capital to support the business as our strategic partnership revenue comes online before the end of 2014. We look forward to discussing more details with our shareholders at our AGM on May 20, 2014."
Please refer to the Company's SEDAR filings for further information on these proposals. The Offering and amendment to the 2012 Debentures are subject to all applicable approvals including, but not limited to, the approval of the TSX Venture Exchange.
Seair Inc. develops proprietary technology and equipment that diffuses gases, such as oxygen, ozone and carbon dioxide, into liquids. Seair's patented technologies can produce micron size bubbles that are more efficient than other diffusion technologies because the diffused gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. The process facilitates gas-based treatment of complex and challenging industrial wastewater and allows Seair to provide full water reuse and closed loop systems.
Seair applications include oil sands SAGD water solutions, frac and produced water treatment, industrial ponds treatment, mine dewatering/treatment, end-to-end sewage treatment for permanent residential communities and remote work camps, golf course irrigation and pond treatment. Seair is also working on a project for industrial emissions treatment. Parties interested in obtaining further information or receiving news releases and corporate documents from Seair may email such requests to [email protected] or visit the Seair website at www.seair.ca.
Seair is proud to be recognized as one of the Top 5 Cleantech companies in the TMX 2012 Venture 50.
This news release of Seair contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Seair's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements regarding Seair's expectations regarding the regulatory approval of the issuance of common shares. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Seair's expectations. Seair undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Feb. 9, 2016 06:00 PM EST Reads: 358
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 9, 2016 06:00 PM EST Reads: 183
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
Feb. 9, 2016 06:00 PM EST Reads: 474
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 9, 2016 05:00 PM EST Reads: 148
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 9, 2016 04:00 PM EST Reads: 222
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 9, 2016 04:00 PM EST Reads: 588
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Feb. 9, 2016 04:00 PM EST Reads: 190
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 9, 2016 03:45 PM EST Reads: 132
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 9, 2016 03:15 PM EST
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 9, 2016 03:00 PM EST Reads: 228
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 9, 2016 03:00 PM EST Reads: 182
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Feb. 9, 2016 03:00 PM EST Reads: 350
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 9, 2016 03:00 PM EST Reads: 163
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Feb. 9, 2016 03:00 PM EST Reads: 293
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 9, 2016 02:45 PM EST Reads: 189