|By Marketwired .||
|May 14, 2014 05:49 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/14/14 -- Seair Inc. (TSX VENTURE: SDS) ("Seair" or the "Company") is pleased to announce that at an extraordinary meeting of Debentureholders held on May 14, 2014 the previously announced amendments to the trust indenture dated October 31, 2012 between Seair and BNY Trust Company of Canada ("BNY"), as supplemented by the first supplemental trust indenture dated October 31, 2013 (together, the "Trust Indenture") representing the existing 8% debentures (the "Existing Debentures") were passed with the requisite majority. The resolutions to amend the terms of the debentures were passed unanimously by the 82.57% of debentureholders who cast ballots at the meeting. The Debentureholders approved amendments to
1. authorize the ranking of the debentures to be issued pursuant to a previously announced private placement (the "New Debentures") to be pari passu with the Existing Debentures; 2. authorize, upon delivery of an irrevocable election by the Company to BNY, the payment of interest on the Existing Debentures to be made in common shares in the capital of the Company and further providing that the Company's right to compel the conversion of the Debentures be suspended pending the expiry of such irrevocable election; 3. authorize the disposition of all or any portion of the Company's septic assets and providing for the use of proceeds for any such disposition; and 4. authorize and direct BNY to consider and approve any such further or consequential changes, amendments or revisions as may be required to be made to the Trust Indenture to give effect to the foregoing extraordinary resolutions.
Additional information concerning the amendments to the Existing Debentures is available in the Management Information Circular dated April 5, 2014 and filed under the Company's profile on the SEDAR website at www.sedar.com on April 8, 2014.
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.
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.