CALGARY, Feb. 24, 2017 /CNW/ - Seair Inc. (TSX VENTURE:SDS) ("Seair" or the "Company") announces that the company has defaulted on the terms of its senior debt (the "Senior Debt") and is currently in negotiations with its creditors to develop a restructuring plan. The aggregate principal amount of the Senior Debt is $215,125, with accrued interest $9,273 matured on February 21, 2017. Upon default of the terms of the Senior Debt, there was a cross-default triggered on the Company's 8% secured, subordinate, convertible, redeemable debentures in the aggregate principal amount of $4,572,377 and accrued interest of $78,169.
Seair anticipates disseminating a further news release concerning the status of restructuring in the near future. In the interim period, Seair has requested that trading in its shares be resumed.
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 firstname.lastname@example.org or visit the Seair website at www.seairinc.com.
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.