This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Seprotech wins approval for $125,000 debt settlement 2009-10-06 16:36 ET - News Release Mr. Matthew Anderson reports SEPROTECH RECEIVES REGULATORY APPROVAL FOR DEBT FOR SHARES SETTLEMENT AGREEMENTS AND RE-EXTENDS OFFER TO CREDITORS Seprotech Systems Inc. has received regulatory approval for the satisfaction of debts and commissions owed to staff in the total amount of $125,500. The debts being converted have all been previously accrued and reported on the financial statements of Seprotech as per the announcement made in Stockwatch on Aug. 6, 2009.
Under the terms of the regulatory approval for the settlement agreements, Seprotech has moved forward with the settlement of $55,500 of debt. As a related-party transaction, the settlement of $70,000 in debts owed to officers and directors of the company under the contractual terms of the settlement agreements is subject to disinterested shareholder approval at the next annual general meeting planned for February, 2010. Should shareholder approval not be secured under the terms of the signed agreements at the meeting, the debt owed will be immediately due in full and subject to a 12-per-cent interest penalty.
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