GUELPH, ON, June 2, 2011 /PRNewswire/ - BIOREM Inc. ("Biorem" or "the Company") (TSX-V: BRM) today announced that it has reached an agreement with Wellington Financial to amend the maturity date of the outstanding $2,000,000 debenture from October 31, 2011 to May 31, 2013. As consideration for the extension and the reduction of certain financial covenants, Biorem has agreed to provide Wellington Financial 250,000 shares in the company subject to TSX Venture approval. Said Peter Bruijns, President and CEO, "We are pleased that Wellington Financial shares our confidence in the business and the market prospects going forward."
About BIOREM Inc.
Biorem is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and over 600 installed systems worldwide, Biorem not only offers state-of-the-art technology-based products but also peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.
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.
This press release contains forward-looking statements based on current expectations. These forward-looking statements contain various risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Risks and uncertainties about the Company's business are more fully discussed in the disclosure materials, financial statements and MD&A filed with the securities regulatory authorities in Canada on www.sedar.com
SOURCE Biorem Inc.