From the Wires
BluMetric Environmental Inc. (formerly Seprotech Systems Incorporated) closes reverse takeover transaction with WESA
Nov. 21, 2012 10:40 AM
OTTAWA, Nov. 21, 2012 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM)
("BluMetric" or the "Company") is an integrated product and service
organization providing intelligent solutions to complex environmental
problems in Canada and abroad. BluMetric completed its previously
announced reverse takeover transaction (the "Transaction") with WESA
Group Inc. ("WESA") on November 16, 2012 pursuant to which BluMetric
acquired 100% of privately-held WESA, following which it amalgamated
with WESA.
Concurrent with the closing of the Transaction the directors of the
Company are Mark Stirling, Denis Douville, Jordan Grant, William Touzel
and Roger Woeller. Mr. Woeller replaces Harry Marshall on the Board.
Mr. Stirling and Mr. Douville are independent directors.
The Board of Directors has appointed the new executive officers of
BluMetric as follows:
William (Bill) M. Touzel, Chief Executive Officer
Roger M. Woeller, Chief Corporate Development Officer
Harry J. Marshall, President - Water & Wastewater Division
Nell van Walsum, President - Professional Services Division
Ian W. Malone, Chief Financial Officer
Prior to the amalgamation, BluMetric completed the consolidation of its
issued and outstanding common shares on a one-for-ten basis, and
changed its name from "Seprotech Systems Incorporated" to "BluMetric
Environmental Inc." The TSX.V has provided final acceptance of the
Transaction and has advised that it will recommence trading of the
common shares of BluMetric on November 22, 2012, under the symbol BLM.
Concurrent with completion of the merger, BluMetric completed a brokered
Private Placement (the "Private Placement") of 1,558,206 common shares
of the Company at a price of $0.67 per share for gross proceeds of
approximately $1,044,000. All securities issued in the Private
Placement are subject to a four month hold period expiring March 17,
2013.
Jacob Securities Inc. ("Jacob") acted as agent for the Private
Placement. In consideration for its services as agent, Jacob was paid
a cash commission totaling $43,463. In addition, Jacob has been
provided non-transferrable broker warrants to acquire 66,184 common
shares exercisable for a period of 24 months from the closing date at a
price of $0.67 per share. Jacob has also been reimbursed for legal and
other direct costs of the Private Placement.
About BluMetric
BluMetric is an integrated product and service organization providing
intelligent solutions to complex environmental problems in Canada and
abroad.
The Company serves clients in many industrial sectors, and at all levels
of government, both domestically and internationally.
BluMetric operates through two divisions:
-
a professional services division focussed on environmental earth
sciences and engineering, contaminated site remediation, water resource
management, industrial hygiene and occupational health & safety, and
renewable energy. This division operates under the names "WESA",
"Envir-Eau", and "OEL-HydroSys".
-
a water & wastewater division providing both design-build and
pre-engineered product solutions to clients' water and wastewater
treatment needs. This division operates under the names "WESAtech" and
"Seprotech".
More information can be obtained at www.blumetric.ca
Forward-looking Statements
This news release contains certain "forward-looking statements" within
the meaning of applicable securities laws. Readers are cautioned that
the plans, intentions or expectations disclosed in any forward-looking
statements, and the underlying assumptions may not be achieved and that
readers should not place undue reliance on any forward-looking
statement, each of which is expressly qualified in its entirety by this
cautionary statement. Although BluMetric believes that the
expectations conveyed by the forward-looking information are reasonable
based on information currently available to it, these statements are
not guarantees and involve a number of risks and uncertainties, both
known and unknown, and assumptions. The results or events depicted in
these forward-looking statements may differ materially from actual
results or events. Many factors could cause results to differ
materially from those stated, including the ability of BluMetric to
retain existing customer contracts; risks related to integration upon
the completion of the Transaction; and the ability to retain and obtain
qualified staff as well as various other factors which are discussed in
filings with applicable securities regulatory authorities at www.sedar.com. Any forward-looking statement speaks only as of the date of this news
release and, except as may be required by applicable securities laws,
BluMetric disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise.
The TSX.V has in no way passed upon the merits of the Transaction, and neither TSX.V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX.V) accepts responsibility
for the adequacy or accuracy of this release. The TSX.V has neither
approved nor disapproved of the information contained herein.
SOURCE BluMetric Environmental Inc.
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