Seprotech Lands Military Standing Offer Contract: Agreement Worth Up To $14 Million
25 June 2011 - 1:33AM
PR Newswire (Canada)
OTTAWA, June 24, 2011 /CNW/ -- OTTAWA, June 24, 2011 /CNW/ -
Seprotech Systems Incorporated (TSX-V: SET; "Seprotech" or the
"Company") is pleased to announce that the Canadian Department of
National Defence ("DND") has selected Seprotech to support two
classes of water purification systems with Repair and Overhaul
Services, Engineering support and Field Service support. "We are
very pleased to have been awarded this renewal of the Standing
Offer Agreement and to be able to offer the high standard of work
expected by the Canadian military," said Jordan Grant, Chairman and
CEO of Seprotech. The Standing Offer is for a 2 year period with
three 1-year extensions estimated at $ 2.8 Million per year. The
estimated total value of the five year standing offer is
$14,000,000. The final amount spent in any given year, is at DND's
discretion, such amount varying according to military needs. The
standing offer process provides the Canadian Forces with immediate
response and support to their equipment requirements. Seprotech has
been awarded similar Standing Offers from DND in the past including
the equipment in this new Standing Offer. "This multi-year contract
provides the Company with a stable steady state business on which
to build our growth strategy and return the business to its
pre-recession growth trajectory," continued Mr. Grant. "One
component of this strategy is to expand our product offering to
include water treatment systems to our existing customers in the
wastewater treatment sector. The technical knowledge and experience
we gain from this contract in water purification will directly
support our efforts to build our presence in this high growth
market." 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 CrystalBlueâ„¢ 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:
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Mr. Ian W. Malone, CFO br/ Tel: (613) 523-1641 br/ Fax:
(613) 731-0851 /p
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