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.
Forward-Looking Statements
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.