Sensor Provides Operational Update and Amends Term of Convertible Debenture

April 05, 2019 7:30 AM EDT | Source: Blue Horizon Global Capital Corp.

Toronto, Ontario--(Newsfile Corp. - April 5, 2019) - Sensor Technologies Corp. (CSE: SENS) (the "Corporation") is pleased to announce that its wholly-owned subsidiary, Sensor Technologies Inc. ("Sensor"), will be shipping and installing the first two (2) of the five (5) Electric Field Mapping Systems ("EFM") for one of the Corporation's current clients, which is one of North America's largest pipeline companies. The remaining three (3) systems will be installed in May 2019. The client will be replacing its existing systems with Sensor's EFM systems. The systems will provide the client with monitoring of its various assets along with engineering field services and data analysis as previously announced in its press releases January 29, 2019.

The Corporation will also be installing its first Fiber Bragg System ("FBG") to accurately measure the pressure within an injector port, being completely non-intrusive in June 2019. This is the Corporations 1st nuclear project as previously announced in its press releases of October 25, 2018 .The FBG sensors are inherently safe for this application while enabling the monitoring of pressures in the injector tube. This phase will consist of a long-term test of the FBG technology at the client's site - which would be connected to a secondary process unit.

The Corporation would also like to announce that it has amended the terms of an unsecured convertible debenture in the aggregate amount of $1,853,852.05 (the "Debenture"). The Debenture was issued to IntellaEquity Inc. ("IntellaEquity") on November 1, 2018 in connection with the acquisition of Fox-Tek Canada Inc. by the Corporation.

The Corporation has amended the conversion price of the Debenture from $0.20 per common share to $0.05 per common share. The Debenture, as amended, will entitle IntellaEquity to convert, at its option, the principal amount of the Debenture into common shares in the capital of the Corporation at a conversion price of $0.05 per share. Interest on the Debenture will continue to accrue at an annual rate of 12%, subject to adjustments, until redeemed or converted in accordance with the terms of the Debenture. The Debenture will be amended effective April 8, 2019, subject to the receipt of any regulatory approval.

About the Corporation

Sensor Technologies Corp develops non-intrusive asset health monitoring sensor systems for the oil and gas market to help operators track the thinning of pipelines and refinery vessels due to corrosion/erosion, strain due to bending/buckling and process pressure and temperature. The Corporation's FT fiber optic sensor and corrosion monitoring systems allow cost-effective, 24/7 remote monitoring capabilities to improve scheduled maintenance operations, avoid unnecessary shutdowns, and prevent accidents and leaks.

Corporation contact:

Jay Vieira, President, CEO
email: jay@fox-tek.com

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note regarding Forward-looking Statements

This news release includes certain information and forward-looking statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Corporation believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43905

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