SET Bluemetric Environmental, Inc.

OTTAWA, May 2 /CNW/ -- OTTAWA, May 2 /CNW/ - Seprotech Systems Incorporated (TSX-V: SET; "Seprotech" or the "Company") is providing an update on progress in completing audited financial statements and related filings for the fiscal year ended August 31, 2010, and its first quarter interim filings for the period ended November 30, 2010. The Company also advises of a delay in completing the interim filings for the second quarter ended February 28, 2011. In its press release on December 17, 2010, (the "Default Notice"), the Company announced that it would not be able to file its audited financial statements for the year ended August 31, 2010 (the "Annual Financial Statements") and its related MD&A and CEO and CFO certificates (collectively, the "Annual Required Filings") by December 29, 2010 as required under securities laws. By its subsequent press releases and related material change reports issued and filed between December 29, 2010 and February 9, 2011, the Company provided updates on the status of the Annual Financial Statements and the Annual Required Filings, and also reported a material change relating to an overstatement of revenues as reported in its financial statements for the quarters ended November 30, 2009, February 28, 2010, May 31, 2010 and possibly for the year ended August 31, 2009, in an undetermined material amount. In its press release dated January 26, 2011, the Company also reported that it would not be able to file its interim financial statements for the quarter ended November 30, 2010, and the related MD&A and CEO and CFO certifications, by January 31, 2011 as required under securities laws. As a consequence of these delays in completing required filings, on February 24, 2011 the British Columbia Securities Commission and the Toronto Venture Exchange issued a cease trade order with respect to the Company's common shares. On March 8, 2011, the Ontario Securities Commission also issued a cease trade order for the Company's common shares.  The following is an update of the status on progress to complete the required filings:. As previously reported, the Company had over-billed its customer, the Department of National Defence, Canada (the "DND") $315,584 under its contract with the Company. The amount was determined to have been related entirely to the 12 months ended August 31, 2010 and did not impact prior or subsequent fiscal periods. The $315,584 amount was formally accepted by DND on March 10, 2011 and has now been repaid in full. Since resolution was reached with DND we have been working diligently with our auditors to complete the audit of our financial statements for the year ended August 31, 2010 and expect to complete the Annual Required Filings by May 9, 2011. It was previously indicated that we expected to complete the Annual Required Filings and first quarter 2011 filings by April 30, 2011, however, completion of the first and second quarter 2011 filings are now targeted for completion by May 16, 2011. Seprotech is a provider of pre-engineered water and wastewater treatment plants to the land development, resource sector and military market place, including CrystalBlue™ membrane-based water recycling systems and the ROTORDISK® wastewater treatment systems. 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. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Some of the statements in this press release, including those relating to the Company's strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2011/02/c8485.html p Mr. Matthew Anderson, Investor Relationsbr/ Tel: (613) 523-1641br/ Fax: (613) 731-0851 /p

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