Business
WESA and Seprotech announce letter of intent for proposed merger
OTTAWA, May 2, 2012 /CNW/ - Seprotech Systems Incorporated (TSXV: SET) ("Seprotech") and WE...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"\n\n\n\n\n\nOTTAWA, May 2, 2012 /CNW/ - Seprotech Systems Incorporated (TSXV: SET)\n (\"Seprotech\") and WESA Group Inc. (\"WESA\") today announced that they\n have entered into a non-binding letter of intent under which Seprotech\n will acquire 100% of privately-held WESA in a reverse takeover (the\n \"Transaction\"). Upon completion of the Transaction, the combined entity\n (the \"Resulting Issuer\") is expected to be a leading provider of earth\n sciences, water resources and environmental engineering services, and\n wastewater/water treatment systems. The intent is to build an\n integrated Product and Service organization that provides intelligent\n solutions to complex environmental problems both in Canada and abroad.\n\n\nAccording to Seprotech's CEO, Harry Marshall, \"this combination takes\n Seprotech immediately to a new level of capabilities - financial,\n technical and customer reach. WESA's size and revenue base will provide\n financial strength, their network of offices and extensive client base\n will provide a new platform for enhancing our visibility in the\n marketplace, and their team of some 125 engineering, professional and\n project staff will provide welcome support to our technical and project\n management team.\"\n\n\nWESA's CEO, Roger Woeller stated, \"the synergy between the two companies\n is striking - each company has personnel who have previously worked at\n the other, we share similar customer sectors from mining to land\n developers to municipalities, our geographic reaches are similar and we\n are already collaborating on a number of projects together. Combined,\n we are able to provide our clients with a much broader spectrum of\n professional services and complete systems to solve their problems. We\n see Seprotech's public company status and their current base of\n business in the water industry as a platform for much more rapid growth\n than we otherwise could have achieved alone.\"\n\n\nCEO of the Resulting Issuer, William Touzel explained that: \"our plan is\n to operate in two distinct divisions. We will combine the operations of\n our WESAtech subsidiary, which was previously run by Harry Marshall,\n who is now CEO of Seprotech, into Seprotech's operation to form a\n unified technology systems division, and WESA's environmental\n consulting division will continue to provide independe...