An anonymous director reports

SEAIR ANNOUNCES DEFAULT ON SENIOR DEBT

Seair Inc. has defaulted on the terms of its senior debt and is currently in negotiations with its creditors to develop a restructuring plan. The total principal amount of the senior debt of $215,125, with accrued interest of $9,273, matured on Feb. 21, 2017. Upon default of the terms of the senior debt, there was a cross-default triggered on the company's 8 per cent secured, subordinate, convertible, redeemable debentures in the total principal amount of $4,572,377 and accrued interest of $78,169.

Seair anticipates disseminating a further news release concerning the status of restructuring in the near future. In the interim period, Seair has requested that trading in its shares be resumed.