Open EC Technologies, Inc. Announces a $175,000 Non-Brokered Private Placement and Options Granted
(PressMethod) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE - News; PINK SHEETS:OCEIF - News) is pleased to announce a non-brokered private placement with insiders of the Company of up to 1,166,667 units priced at $0.15 per unit for gross proceeds of $175,000. Each unit consists of one common share of the Company and one share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.17 per share for a period of two years from the date of issue. No Finder's fee will be paid in connection with the private placement. The private placement proceeds will be used for general working capital.
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The Company has granted additional incentive stock options to Valentis Capital Corp. ("Valentis") for its Investor Relations services. Valentis has been granted options to purchase up to 150,000 shares of the Company at $0.18 per share until April 25, 2010. Incentive stock options have also been granted to management of the Company to purchase up to 150,000 options at $0.18 per share until April 30, 2011.
About Open EC Technologies Inc.
Open EC Technologies Inc ("OCE") www.openec.com is a TSX Venture Exchange listed holding company specializing in the acquisition of software companies in e-business, mobile business and business to business (b2b) commerce. Our subsidiaries, SoftCare EC Solutions, www.softcare.com , and Headware Shenzhen Software, www.headware.cn provide software solutions to customers throughout North America and Asia. With over 400 employees in the OpenEC Group of companies we deliver global innovative software solutions to mid market through fortune 100 companies.
ON BEHALF OF THE BOARD
Martyn A. Armstrong, President and CEO
Further information about the Company can be found on SEDAR (www.sedar.com).
Trading in the securities of Open EC should be considered speculative. The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
This news release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Mr. Martyn A. Armstrong
Open EC Technologies, Inc.
President & CEO
(604) 983-8083
(604) 983-8056 (FAX)
Mr. Michael (Gong) Chen
Open EC Technologies, Inc.
CFO
(604) 983-8083
(604) 983-8056 (FAX)
Email: investors@openec.com
Website: www.openec.com
Investor Relations
S.D.N.L. Financial Communications
(514) 702-9841
Email: slaberge@sdnlfinancial.com
Website: www.openec.com
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