October 20, 2006
SEAIR ANNOUNCES CLOSING OF ACQUISITION FOR THE BALANCE OF THE SHARES OF ITS SUBSIDIARY SEAIR SEPTIC INC.
Edmonton, Alberta, October 20, 2006. Seair Inc. (SDS: TSX Venture Exchange) Seair Inc. ("Seair") is pleased to announce the successful closing of the Share Purchase Agreement (the "SPA") signed on September 28, 2006 with Terroza Expediting Inc. ("Terroza") to acquire the balance of the shares of Seair Septic Inc. ("Seair Septic"). Seair has received conditional approval for this transaction and is currently awaiting the final approval.
Seair will own and control 100% of Seair Septic Inc. Seair has issued 2.75 million shares to Terroza at a deemed value of $0.50 per share for a total deemed price of $1,375,000. Concurrently with the closing Doug Milner and Brian Rust resigned as directors and officers of Septic.
Seair Septic holds an exclusive sub-license from Seair Diffusion Systems Inc. for the specific application of portable wastewater treatment systems. Seair Septic will continue to supply and lease sewage treatment systems to various remote campsites, primarily in the oilfield service industry. The Proposed Acquisition will allow Seair Septic to expand the scale of its operation to a wider variety of wastewater treatment applications and an unrestrained scope of customers.
Management of Seair believes that the Acquisition will allow more effective expansion of its current operations in the oil and gas sector, and provide a solid base to further service other wastewater treatment customers. Management of Seair believes that there is a need in the oil and gas industry and the wastewater treatment sector for cost effective, environmentally responsible solutions that will continue to expand and that with its licensed technology, Seair is positioned to fulfill that need."SEAIR is a developer of proprietary diffusion and sterilization technologies. These patent pending technologies allow for the efficient diffusion of gases into a liquid, thereby facilitating numerous applications in a wide variety of industries, including potable and waste water treatment, pulp and paper, aquaculture, agriculture/horticulture, sterilization, golf course irrigation and pond treatment, animal enhancement and oil and gas. SEAIR's primary focus is developing and selling equipment that diffuses gases such as oxygen, ozone or carbon dioxide into a liquid, resulting in a supersaturate solution. The major difference between SEAIR and other diffusion technologies is the ability to achieve extremely small gas bubble size, which in turn allows for the mass transfer of gas to fluid. The result is a stable condition where the gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs.
Parties interested in obtaining further information or receiving news releases and corporate documents from SEAIR may e-mail such request to seair@telus.net or visit our SEAIR web site at: www.seair.ca .
Final Exchange acceptance of the transaction is subject to SEAIR fulfilling all of the requirements of the Exchange.
FOR FURTHER INFORMATION PLEASE CONTACT:
Harold Kinasewich
SEAIR Inc.
T: 780 477 7188
F: 780 477 6622
E: Seair@telus.net
This news release may contain certain forward-looking statements that reflect the current views and/or expectations of SEAIR INC. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
