Tickers: XTSX:SDS
Tags: None
CALGARY, ALBERTA / TheNewswire / June 30, 2017 - Seair Inc. (TSX-V:SDS) announces that on June 30, 2017, FTI Consulting Canada Inc. (the "Proposal Trustee"), the proposal trustee under the joint proposal of Seair Inc. and its wholly-owned subsidiary, Seair Diffusion Systems Inc. (together, the "Company"), dated April 10, 2017 (the "Proposal"), filed with the Court of Queen's Bench of Alberta (the "Court") a certificate confirming that all conditions precedent to the implementation of the Proposal have been satisfied (the "Certificate").
Pursuant to the terms of the order of the Court made on May 18, 2017 (the "Approval Order"), upon the filing of the Certificate, the Proposal is effective, enures to the benefit of and is binding upon the Company, the Company's creditors (other than Unaffected Creditors, as defined in the Proposal) the Company's shareholders and all other persons named or referred to in the Proposal.
The Company and the Proposal Trustee will be disbursing payments and issuing the relevant shares to the Company's affected general creditors and debentureholders, respectively, as contemplated by the Proposal and more particularly described in the Company's press releases dated April 11, 2017 and May 19, 2017.
A copy of the Certificate, as well as other information concerning the Company's restructuring and the Proposal, can be found on the website of the Proposal Trustee at http://cfcanada.fticonsulting.com/Seair/proposalmaterials.htm.
A further update concerning the Company and the Proposal process is expected to be provided once all acts contemplated under the Proposal have been completed.
Seair Inc. 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 info@seairinc.com or visit the Seair website at www.seairinc.com.
This news release of the Company contains statements that constitute "forward-looking statements" and "forward-looking information". Such forward-looking statements involve known and unknown risks,uncertainties and other factors that may cause the Company'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 the discursements of payments and issuance of shares and any future updates on the Proposal. 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 Company's expectations, including the timing of the Proposal. The forward-looking statements and forward-looking information are made as of the date hereof and the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. Accordingly, readers should not place undue reliance on forward-looking statements and information.
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 release.
Contact Information: Seair Inc.
Christopher Morris
Francis Mckeever
Jeff Seibert
Bradley Meadows
403-650-2737
Copyright (c) 2017 TheNewswire - All rights reserved.
