OTTAWA, July 17 , 2014 /CNW/ - BluMetric Environmental Inc. (TSX-V: BLM), an Ottawa-based cleantech company, is pleased to announce that it has re-mortgaged its property at 3108 Carp Road, Ottawa, for gross proceeds of $1,060,000. The mortgage carries an interest rate of 7.99% p.a., has a term of 2 years, and monthly payments will be based on a 25-year amortization.
The transaction was brokered by Prime Financial Group Inc., Osgoode, Ontario and funding was provided by Westboro Mortgage Investment Corp. of Ottawa, Ontario.
"We are pleased to have been able to significantly increase our available working capital without dilution to existing shareholders," said Ian Malone, CFO of BluMetric. "This transaction is part of a broader plan to improve the company's liquidity and capital structure."
"The capital structure plan has been developed to deal sequentially with the working capital needs underlying our growth strategy, and is expected to be followed by further steps designed to improve the balance sheet," said Roger Woeller, CEO. "The increased working capital will in part be used to accelerate manufacturing and delivery of a number of projects for which signed contracts are in place."
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About BluMetric
BluMetric, a cleantech company, delivers sustainable solutions to complex environmental issues. The Company serves clients in many industrial sectors, and at all levels of government, in Canada and abroad.
BluMetric operates through two divisions:
- Professional Services, providing environmental earth sciences and engineering solutions, including contaminated site remediation, water resource management, industrial hygiene, occupational health & safety, and renewable energy;
- Water, focussed on design-build and pre-engineered product solutions to industrial/commercial water and wastewater treatment needs.
More information can be obtained at www.blumetric.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Some of the statements in this press release, including those relating to the Company's strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates, and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.
SOURCE BluMetric Environmental Inc.
Ian Malone, Chief Financial Officer, BluMetric Environmental Inc., Tel: (613) 839-4028 x121, Tel: (613) 839-4028 x121, Email: imalone@blumetric.ca; Robin M. Sundstrom, IRonside Investor Relations, Tel: (647) 822- 8111, Email: robin@ironsideir.comCopyright CNW Group 2014