Sustainable Environmental Technologies Letter to Shareholders: Corporate Name Change, New CEO Bob Glaser

UPLAND, Calif., Aug. 26 /PRNewswire-FirstCall/ --  

Dear SET Corp Shareholder,

In July 2010, our Board of Directors changed the company name to Sustainable Environmental Technologies Corporation (SET Corp) (OTC Bulletin Board: RGBL).  This new name marks an essential step in clarifying the company's focus while simplifying an understanding of our business to the public.  In addition to a new company name, the development of a new corporate website, www.SETcorp.us, is in the final stages.  The new website is more user friendly and will reinforce our name change while solidifying SET Corp's public image.

Our intent was to change the ticker symbol as well.  Unfortunately as of June 1, 2010, FINRA has changed its policy for issuing new ticker symbols and they are currently "not at liberty to disclose what the new criterion is for changing a ticker symbol."  While this lack of transparency and the effect it has on so many companies continues to draw outrage, we ultimately expect the policy to be reversed or clarified so that we may reapply for a new ticker symbol based on publicly available guidelines.  

During the past year, our team has reached many milestones.  With investor capitol and intense negotiations, we were able to reduce our negative EBITDA by 82%, as reflected in our 10K dated March 31, 2010. This debt reduction enabled us to complete our strategic acquisition of Pro Water and its Blue Bench Deep Injection Well on July 7th, 2010.  We will be submitting a full financial for Pro Water by October 31, 2010.  In the future it will be included in our corporate 10Q and 10K financial statements.

The Blue Bench DIW sits on two five-acre parcels in Eastern Utah along a major Utah highway.  The Blue Bench DIW has recently undergone a complete redesign.  Where there was once an antiquated facility with minimum capacity and severe winter limitations, now sits a modern refinery capable of handling over 10,000bbl/pd.  The first stage of the redesign increased the DIW's daily intake capacity.  When the second stage comes online next month, the capability to process residual oil will increase by over 60%.  The third stage will allow Pro Water to sell frack water back to our customers.  The fourth stage will establish a technology incubator for the testing of new technologies that can be brought into SET Corp and licensed for use in the produced water market.  

Unlike the U.S. natural gas markets that have suffered from unstable and declining gas prices, Coal Seam Gas (CSG) operators in Australia have secured long-term contracts with overseas customers.  As a result, the demand for company expertise and technology related to the processing of produced water is growing at rates faster than anything seen in the U.S.  These long-term contracts will continue to drive up demand and provide a clear basis for investing in the Australian market.  To meet this demand, SET Corp management has decided that we must reevaluate our current course of action for the Australian market.  The potential for SET Corp has never been greater and, as part of our long term commitment to the Australian market, effective August 31, 2010, I will be stepping down as CEO of SET Corp and assuming the direct management of all Australian and overseas endeavors.  

While I will continue to serve as Chairman, the board has unanimously elected Mr. Bob Glaser to succeed me as CEO.  Mr. Glaser was formally SET Corp's VP of Operations and has been an instrumental figure in turning SET Corp around.  The board has also appointed Mr. Keith Morlock as President of the company's wholly owned subsidiary SET IP Holdings.  SET IP Holdings is responsible for the evaluation, testing, acquisition and expansion of all corporate technology.  Mr. Morlock will continue to serve as President of Pro Water, which owns and operates the Blue Bench DIW.  

It has been a pleasure serving as CEO over the past three years.  I would like take a moment to thank our dedicated management and all those that worked so tirelessly to reduce our debt and complete the acquisition of Pro Water.   Pro Water marks the first of many profitable acquisitions that SET Corp will undertake in the near future.  Through its Blue Bench research and development facility, SET Corp will be able to test and validate new sustainable technologies, while greatly limiting the financial risk associated with their purchase.  This increases value for our shareholders while benefiting the environment.      

Sincerely,

Grant King

CEO, SET Corp

About SET Corp

Sustainable Environmental Technologies Corporation is a full service environmental water and wastewater treatment engineering and construction company, specializing in produced water from the oil and gas industries. Services include innovative technologies; water and wastewater engineering; construction and construction management; start-up, operation and maintenance services; and equipment manufacturing for industrial and municipal sectors. Areas of expertise include water treatment and distribution; wastewater collection, treatment, and disposal/reclamation. Its multi-disciplinary team includes professional and licensed engineers and scientists with extensive experience in current engineering, environmental, and construction technologies.  For more information, visit www.SETcorp.us.

Safe Harbor Statement

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties.  Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements, information that is based on forecasts of future results, estimates of amounts not yet determined, assumptions of management or other risks identified from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission. All forward-looking statements attributable to the Company, or persons acting for the Company, are expressly qualified in their entirety by these cautionary statements.

Parties interested in receiving periodic updates on SET Corp via email should send an email with a subject line of "SET Corp Email Update Request" with their first and last name, company affiliation and phone number to [email protected].  

CONTACT:  SET Corp, Keith Morlock, +1 435.608.1344, [email protected]

NOTE TO EDITORS: A photo of the Pro Water Blue Bench Deep Injection Well in Duchesne, Utah, is available upon request.

SOURCE SET Corp