Seprotech announces increase of $4.52M on available funds under existing contract with Canadian Military
April 11 2012 - 5:44PM
PR Newswire (Canada)
OTTAWA, April 13, 2012 /CNW/ - Seprotech Systems Inc. is pleased to
announce that the Department of National Defence (DND) has
increased the available and confirmed funding by $4.52 million
under an existing contract (previously announced on June 24, 2011).
The contract is for repair and overhaul, engineering support and
field service support for two classes of water purification systems
owned and operated by DND. The increase of $4.52M combined with the
unused budget for the 2011 FY (due to mid-year award of the
contract) brings confirmed and immediately accessible funds to
approximately $10.8M of the $14M total budgeted funds under the
contract. Actual projects undertaken by Seprotech and expenditures
related thereto are subject to DND approval. The original term of
the contract was for 2 years with three possible 1-year extensions
estimated at $2.8M per year for an estimated total potential value
over the five years of $14,000,000. While the overall maximum
budget remains unchanged, the increased allocation significantly
increases the potential activity which might now be directed to
Seprotech over the near term. "We are very pleased to have these
additional funds allocated and confirmed much earlier in the
contract and this clearly demonstrates the high degree of
confidence that DND places in Seprotech" said Harry Marshall,
President & CEO of Seprotech. "Following a year in which the
Canadian Forces have performed important water supply missions in
various parts of the world the team at Seprotech is delighted that
the high standard of work expected by the Canadian Military has
been recognized." The final amount spent in any given year is at
DND's discretion and varies according to military needs. The
contract provides the Canadian Forces with immediate response and
support to their equipment requirements. About Seprotech: Seprotech
is a provider of pre-engineered water and wastewater treatment
solutions to the municipal/land development, resource sector and
military market place, including Reverse Osmosis water purification
systems, ROTORDISK® biological sewage treatment package plants and
CrystalBlue™ membrane-based water recycling systems. Neither 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. The
TSX Venture Exchange has neither approved nor disapproved of the
information contained herein. Some of the statements in this press
release, including those relating to the Company's strategies and
other statements that are predictive in nature, that depend upon or
refer to future events or conditions, or that include words such as
"expects", "anticipates", "intends", "plans", "believes",
"estimates" or similar expressions, are forward-looking statements
within the meaning of securities laws. Forward-looking statements
include, without limitation, the information concerning possible or
assumed future results of operations of the Company. These
statements are not historical facts but instead represent only the
Company's expectations, estimates and projections regarding future
events. The Company does not undertake any obligation to update or
release any revisions to these forward-looking statements to
reflect events or circumstances after the date of this presentation
or to reflect the occurrence of unanticipated events, except as
required by law. Seprotech Systems Incorporated CONTACT: Ian
Malone, Chief Financial OfficerTel: (613) 523-1641 x12Fax: (613)
731-0851
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