PRP Purpose Conservative Income Fund

ProSep Inc. (TSX:PRP) ("ProSep" or the "Company") announced today it has
obtained creditor protection pursuant to the Companies' Creditors Arrangement
Act (Canada) (the "CCAA"). At the same time, the Superior Court of Quebec
(Commercial Division) (the "Court") issued an order (the "Court Approval and
Vesting Order") approving the previously announced sale of substantially all
assets of ProSep (the "Sale Transaction") to a newly incorporated subsidiary of
Produced Water Absorbents, Inc., PWA ProSep, Inc. ("PWA" or the "Purchaser").


The Sale Transaction will be effected pursuant to an asset purchase agreement
dated October 23, 2013 (the "Agreement") between ProSep and the Purchaser. The
Company will receive an aggregate consideration of approximately $9,200,000 for
the acquisition of substantially all of its assets, subject to certain
adjustments. Closing of the Sale Transaction is expected to occur on or about
November 11, 2013 and in any event no later than November 22, 2013. The Court
Approval and Vesting Order provides for the vesting in the Purchaser of the
rights, title and interest in ProSep's assets, free and clear of all security
interests (subject to certain limited exceptions) upon closing of the Sale
Transaction in accordance with the terms and conditions of the Agreement.
Closing remains subject to the satisfaction of certain closing conditions.


As a result of the sale, ProSep will no longer have any operating assets or
active business. As announced by the Toronto Stock Exchange on October 24, 2013,
the shares of the Company are currently suspended from trading and will remain
halted until the close of business on November 18, 2013, at which time they will
be delisted.


The CCAA proceedings will not affect the Company's day-to-day operations.
ProSep's subsidiaries are not subject to the CCAA proceedings. ProSep's
subsidiaries have access to the funding necessary to maintain operations and the
business will continue without disruption during this period. ProSep's
subsidiaries will continue to fulfill their obligations to their customers and
suppliers.


About ProSep

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 www.prosep.com.


About PWA

Produced Water Absorbents, Inc. (PWA) is a technology company which provides
waste treatment solutions and services to the oil and gas industry. It was
founded in 2011 when venture capital funding was secured from Energy Ventures of
Norway and Harris and Harris Group, Inc. from the USA. The foundation of the
offering is a patented, regenerable and game-changing technology called Osorb(R)
Media. Osorb adsorbs free, dispersed and soluble hydrocarbons from produced
water and other waste water streams to meet or exceed environmental discharge
requirements. Osorb also removes C4 and heavier hydrocarbons from gas streams to
improve the value of sales gas (hydrocarbon dew point reduction), improve burner
efficiency (including flares), and to control other environmental gaseous
emissions. For more information, please visit www.pwasystems.com. 


Caution concerning forward-looking statements 

This press release may contain forward-looking statements within the meaning of
Canadian securities laws. Forward-looking statements can generally be identified
by the use of the conditional tense, the words "may", "should", "would",
"believe", "plan", "expect", "intend", "anticipate", "estimate", "foresee",
"objective" or "continue" or the negative of these terms or variations of them
or words and expressions of similar nature. In particular, forward-looking
statements regarding ProSep's proceedings under the CCAA, the Sale Transaction
and the approvals required thereunder, plans for its business development
strategy, anticipated customer orders, sales and revenues, financial and
operational projections and anticipated results, anticipated results of field
testing with potential customers and expected benefits of ProSep's proprietary
technologies; and anticipated impact on ProSep of the factors discussed under
the heading Selected Risks in the latest management discussion and analysis
document ("MD&A"). These forward-looking statements are based on, among other
things, management's assumptions, expectations, estimates, objectives, plans and
intentions as of the date hereof pertaining to, but not limited to demand for
ProSep's solutions, projected revenues and expenses, the economic and industry
environments in which the Company operates or which could affect its activities,
the Company's ability to attract new customers, projected operating costs and
cost of raw materials and energy supply, expected timing and amount of capital
expenditures program of ProSep's potential customers, target market acceptance
of ProSep's solutions, current and future solutions performance, evolving market
conditions for oil & gas producers; and success of commercialization approach
and strategic partnership initiatives. Although ProSep believes that the
expectations and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the forward-looking
statements because ProSep can give no assurance that they will prove to be
correct. Because forward-looking statements address future events and
conditions, by their very nature they involve numerous inherent risks and
uncertainties that contribute to the possibility that the forward-looking
statements may prove to be incorrect. ProSep cannot assure investors that any of
these forward-looking statements will prove to be accurate. Further, if any of
these statements are inaccurate, the inaccuracy may be material. 


Actual performance and results could differ materially from those currently
anticipated in the forward-looking statements due to a number of factors and
risks. Some of the factors that could cause such differences include, but are
not limited to: the discretion of the Court in the CCAA proceedings, delays
resulting from or inability to obtain required approvals, uncertainty as to
market acceptance of new solutions and possible technological change,
competition, economic environment and especially conditions in the oil & gas
industry, legislative or regulatory developments, ProSep's ability to penetrate
core markets, expand into new markets and manage future growth, the need for
additional financing and uncertainties as to access to sufficient capital
financing on acceptable terms, uncertainty as to achievement of profitability
and ability to meet cash requirements, availability and retention of management
and key personnel, the long sales and implementation cycles for ProSep's
solutions, reliance on major customers, manufacturing, project execution,
product defect and product liability risks, dependence on third party suppliers,
exchange rate and currency fluctuations, protection of ProSep's intellectual
property rights; and risks related to ProSep's foreign operations and compliance
with anti-corruption and anti-bribery laws. Assumptions, expectations and
estimates made in the preparation of forward-looking statements and risks that
could cause actual results to differ materially from current expectations are
further discussed under "Selected Risks" in the latest MD&A. In light of the
significant risks and uncertainties in these forward-looking statements,
investors should not place undue reliance on or regard these statements as a
representation or warranty by the Company or any other person that the Company
will achieve its objectives, strategies and plans in any specified time frame,
if at all. The forward-looking statements contained or incorporated by reference
in this management discussion and analysis relate only to events as of the date
on which the statements are made. Except as required under applicable securities
legislation, the Company does not undertake to update or revise these
forward-looking statements, whether as a result of new information, future
events or otherwise. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
ProSep Inc.
Investor Relations and Media:
Danielle Ste-Marie
VP Marketing & Corporate Development
(514) 522-5550 ext. 238
dste-marie@prosep.com

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