ProSep Inc., a Montréal-based technology-focused process solutions provider to the oil and gas industry, has completed its sale of a 51% investment in ProSep Kolon Company Ltd., a South Korean joint venture with Kolon Group, for $5 million. ProSep is backed by Canadian and European venture capital firms, including Cycle Capital Management, Fondaction (CSN), Investissement Québec and Truffle Capital.
Closing of Sale of Investment in South Korean Joint Venture
MONTREAL, QUEBEC – April 23, 2013 – ProSep Inc. (TSX: PRP) (“ProSep” or the “Company”), dedicated to providing process solutions to the oil and gas industry, is pleased to announce the successful completion of the previously announced sale of its 51% investment in ProSep Kolon Company Ltd, a South Korean joint venture with Kolon Group, for total consideration of $5 million. After reimbursement of a related $1 million debenture, this transaction provided net proceeds of approximately $4 million to be used as working capital.
ProSep is a technology-focused process solutions provider to the upstream oil and gas industry. ProSep designs, develops, manufactures and commercializes technologies to separate oil, water and gas generated by oil and gas production. For more information, please visit prosep.com.
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