ProSep sells its 51% interest in South Korean joint venture

Oil and gas tech company gets $5M; says it’s optimizing costs.

March 19, 2013

MONTREAL — ProSep Inc. has sold its 51% investment in ProSep Kolon Co. Ltd., a South Korean joint venture with Kolon Group, for $5 million.

ProSep, a Montreal-based provider of technology to the upstream oil and gas industry, has sold its share of the joint venture to a subsidiary of Kolon Group, a large South Korean integrated construction, chemical and advanced materials company.

After reimbursement of a related $1 million debenture, the company said the transaction will provide net proceeds of approximately $4 million to be used as working capital.

ProSep Kolon designs, develops, manufactures and commercializes technologies to separate oil, water and gas generated by oil and gas production.