OTTAWA, April 13,
2012 /PRNewswire/ - 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.
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of the statements in this press release, including those relating
to the Company's strategies and other statements that are
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"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.
SOURCE Seprotech Systems Incorporated