Bluemetric Environmental, Inc. (TSXV:SET)
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OTTAWA, Aug. 3, 2011 /CNW/ --
OTTAWA, Aug. 3, 2011 /CNW/ - Seprotech Systems Incorporated (TSX-V: SET;
"Seprotech" or the "Company") announces that the cease trade orders
issued by the B.C. Securities Commission, the Ontario Securities
Commission and the Manitoba Securities Commission (collectively, "the
Commissions") on February 24, 2011, March 8, 2011 and April 19, 2011
respectively, have been fully revoked by the Commissions. The cease
trade orders were imposed on the Company for failure to file its annual
audited financial statements, related MD&A and other required documents
(the "Annual Filings"), as well as its required filings for the interim
periods ended November 30, 2010 and February 28, 2011 (the "Quarterly
Filings"), each respectively due on December 28, 2010, January 28, 2011
and April 29, 2011. The required annual filings were filed on May 10,
2011, and the required quarterly filings were filed on May 13 and 17,
2011, respectively and can be viewed on www.sedar.com .
As more fully described in the Company's press release dated May 10,
2011 the delay in completing the required annual and quarterly filings
resulted from management's detection during the first quarter of fiscal
2011 of an overstatement of revenue by a material amount with respect
to its financial statements for the quarters ended November 30, 2009,
February 28, 2010 and May 31, 2010. The overstatement resulted from
over-billing a customer over a period of approximately 12 months from
July 2009. The over-billing was reported to the customer, and fully
repaid through applying a credit to subsequent work. Once the amount of
the over-billing was confirmed, the affected quarterly financial
statements were restated and subsequently filed on SEDAR.
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/03/c9048.html
p align="justify" Mr. Ian W. Malone, Chief Financial Officerbr/ Tel: (613) 523-1641br/ Fax: (613) 731-0851 /p