July 24 , 2003
SEAIR COMPLETES INITIAL PUBLIC OFFERING
Edmonton, Alberta – SEAIR Inc. (the "Corporation") has closed its initial public offering of 3,519,400 shares at $0.35 per share. First Associates Investments Inc. acted as agent for the
offering and received as compensation $163,179, being a commission equal to 10% of the
gross proceeds realized upon closing together with a fee of $40,000 and 527,910 agent
options with an exercise price of $0.35 per share and expiry date of 24 months. The
prospectus also disclosed up to 1,500,000 options granted to employees, directors, officers
and insiders with an exercise price of $0.35 per share and an expiry date of five years;
2,130,300 options with an exercise price of $0.45 per share and an expiry date of 12 months,
and 1,000,000 options with an exercise price of $0.35 per share and an expiry date of 24
months. The Corporation has been conditionally approved for listing on the TSX Venture
Exchange.
Through its wholly-owned subsidiary, Seair Diffusion Systems Inc., the Corporation is engaged
in the development, manufacture and sales of its proprietary diffusion and sterilization
technologies with applications in various industries throughout North America and globally.
The Corporation is currently actively involved in the North American Greenhouse industry
within which it has been successful in the implementation and sales of its greenhouse nutrient
diffusion and oxygenation technology. Further applications, such as aquaculture oxygenation,
aquaponics oxygenation, an environmentally benign sterilization process, bio-remediation
system and an animal enhancement oxygenation system are being developed and tested.
For further information, please contact Robert Kinasewich
This News Release includes certain "forward-looking statements" as such term is commonly understood. There can be no assurance that such statements will prove to be
accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date of this announcement. Important factors that could cause actual results to differ materially from the Corporation's
expectations include, among others, the ongoing results of current search. All subsequent written and oral forward-looking statements attributable to the Corporation or
persons acting on its behalf are expressly qualified in their entirety by this notice. While the Corporation anticipates that subsequent events and developments may cause the
Corporation's views to change, the Corporation specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not
be relied upon as representing the Corporation's views as of any date subsequent to the date of this release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
