TORONTO, ONTARIO -- 05/07/08 --
Semcan Inc, (TSX VENTURE: STT) a leading worldwide supplier of environmental solutions to industry, today announces that its United Kingdom subsidiary Naston Limited has formed a Strategic Alliance with Aqueduct PLC, a UK water services management company that in conjunction with finance and engineering partners, fully funds, designs, builds and manages water treatment solutions tailored to the specific business requirements of UK and International companies.
The new Alliance will be known as Naston Industrial and brings together Naston's thirty years experience in water engineering with Aqueduct's innovative approach to providing long term, tailor made solutions enabling industrial clients to focus on core business, improve their bottom line, meet corporate social responsibility objectives and enhance their brand reputation.
Commenting on the announcement, Phil Jamieson, Chairman and CEO of Semcan Inc said: "Aqueduct's fresh approach is revolutionizing the management and financing of new and existing Industrial Waste Water treatment systems and we are excited to be in at the start of this paradigm shift in the market place. Naston Industrial will build the capital projects and post installation will continue to maintain the waste water treatment systems by providing ten year service contracts. The first contract under the joint venture was awarded to Naston Industrial in April with a value of approximately Pounds Sterling 6 million (approximately $12 million)".
According to Nick Thomas, CEO of Aqueduct, "We currently have outstanding quotations in the Industrial Marketplace in excess of Pounds Sterling 150 million (approximately $300 million). There has been a very positive response from Industry in the UK who recognize that the maintenance of water related infrastructure demands major investment. Aqueduct's substantial financial backing enables us to provide immediate solutions with long term returns. Combine this with our alliance with Naston Limited, who provide the detailed engineering expertise required, and the Naston Industrial offer in the marketplace becomes very compelling".
About Semcan Inc.
SEMCAN is a green oriented growth company expanding through acquisitions within the Industrial and Distribution sectors. Its two operating divisions Engineering and Design and Distribution & Product Development comprise well managed profitable companies. SEMCAN places a special emphasis on "clean tech" businesses involved in environmental solutions such as environmental engineering and water treatment. SEMCAN provides growth capital as well as administrative functions and works with existing management allowing them to remain focused on bottom line profitably. SEMCAN grows the acquired companies both organically and through further complementary acquisitions, thereby increasing shareholder value.
About Aqueduct plc
Aqueduct plc is an independent UK water services company set up with significant financial backing to offer companies optimal management of their water and effluent requirements on a fully funded basis. Aqueduct brings engineering and funding expertise together to offer customers new solutions to waste water management with no capital outlay.
Aqueduct achieves this by offering fully managed services under contract for a fixed monthly fee. This means that companies no longer have to find or reserve capital for new equipment and can often release money tied up in existing non-core business assets. Additionally costs are reduced and water service charges are benchmarked in line with inflation for 10 years or more.
Aqueduct's management team have extensive experience in both the UK's deregulated utilities markets as well as large scale outsourcing businesses on a global scale.
Aqueduct is the only company in the UK offering this complete water services model to UK industry and is proud of its partnership with Naston and Semcan.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
Contacts:
Semcan Inc.
Phil Jamieson
Chairman
(416) 703-1692 x 221
