|By Marketwired .||
|May 30, 2014 01:27 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/30/14 -- Seair Inc. (TSX VENTURE: SDS) ("Seair" or the "Corporation") announces that, pursuant to the terms and conditions of a trust indenture entered into between the Corporation and BNY Trust Company Of Canada dated as of October 31, 2012, as supplemented by the first supplemental indenture made effective October 31, 2013 and as further supplemented by the second supplemental indenture made effective May 14, 2014 (collectively, the "Indenture") providing for the issuance of 8% Secured, Subordinate, Convertible, Redeemable Debentures (the "Debentures") of the Corporation, the Corporation has provided notice to Trustee that effective June 1, 2014 and continuing until maturity on December 31, 2015, all interest payments on the Debentures issued under the Indenture will be paid in common shares of the Corporation (the "Share Interest Right").
The number of common shares to be paid in lieu of cash pursuant to the exercise of the Share Interest Right will be calculated by dividing the applicable interest obligation amount payable in common shares (approximately CDN$120,000) by the closing market price of the common shares on the TSX Venture Exchange (or such other exchange as the common shares may then be listed) on the last trading day immediately preceding the date on which the applicable interest obligation is due. The first issuance of common shares in lieu of cash will be for the June 30, 2014 interest obligation under the Indenture.
The issuance of the common shares in lieu of cash under the Share Interest Right is subject to the terms and conditions of the Indenture as well as the receipt of all requisite approvals, including, without limitation, the approval of the TSX Venture Exchange.
Seair Inc. (TSX VENTURE: SDS) is a Calgary based cleantech company. Seair has commercialized proprietary technology that can diffuse gases, such as oxygen, ozone and carbon dioxide, into liquids more effectively and with lower power consumption than the competition. 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. Seair has been working with customers in the Oil and Gas industry for over five years.
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 and most recently, 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 does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
Forward-looking Statements and Information
This news release contains certain statements that may be "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. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to, among other things, the payment of interest on debentures in common shares of the Corporation, the amount of the quarterly interest payment obligations and receipt of approval from the TSX Venture Exchange. Although Seair believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements.
In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and opinions of Seair's management on the date the statements are made. Except as required by law, Seair undertakes no obligation to update these forward-looking statements.
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.
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