From the Wires
BluMetric Environmental Inc. (formerly Seprotech Systems Incorporated) closes reverse takeover transaction with WESA
By: PR Newswire
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
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.
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:
More information can be obtained at www.blumetric.ca
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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