A group of concerned shareholders reports

SEAIR INC. CONCERNED SHAREHOLDER/CREDITORS TO REQUEST SIGNIFICANT AMENDMENTS TO RESTRUCTURING PROPOSAL AT APRIL 26 MEETING

A group of concerned shareholders who are also unsecured creditors of Seair Inc. will attend the meeting of creditors of Seair tomorrow, scheduled for 12 p.m. at the Calgary offices of Fasken Martineau Dumoulin, to request that the restructuring proposal be amended to allow for a shareholder-led "white knight" group, which includes VenX Ltd. and its owner Bertan Atalay (see press release of the concerned shareholders filed April 17, 2017), to do the following:

• Repay 100 per cent of funds due to Seair's first-ranking secured creditor, 1979927 Alberta Ltd.;
• Replace the first-ranking secured creditor as Seair's interim working capital financier;
• Grant the VenX Group a maximum 60 days to undertake due diligence in order to submit a structured capital investment of at least $5-million to reorganize, restructure and recapitalize the corporation;
• Repay 100 per cent of funds due to the corporation's remaining creditors;
• Raise and/or provide immediate interim working capital;
• Reconstitute the board with independent members and director nominees representing all stakeholders;
• Pursue a revised business strategy to monetize the corporation's intellectual property assets with all relevant technical, engineering, executive and governance elements in place.

The concerned shareholders, along with the VenX Group, believe these amendments to the restructuring proposal are necessary to ensure:

• Shareholder equity is preserved;
• The corporation's equity and intellectual property assets are fairly valued;
• Outstanding creditors are paid in full.

All creditors interested in hearing more about these proposed amendments are encouraged to attend.