/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
DELTA, BC, April 12 /CNW/ - AirTest Technologies Inc. (the "Company")
(TSX Venture: AAT) has entered into an agreement with Canaccord Genuity
Corp. (the "Agent"), to sell up to 24,000,000 units (the "Units") on a
private placement commercially reasonable efforts basis at a price of
C$0.05 per Unit (the "Offering Price") for gross proceeds of up to
C$1,200,000 (the "Brokered Offering"). In addition, the Company will
grant the Agent an over-allotment option, exercisable prior to the
closing of the Brokered Offering, to sell up to an additional 4,800,000
Units at the Offering Price to raise additional gross proceeds of up to
C$240,000. The securities will be subject to a 4 month hold period.
The offering is subject to the approval of the TSX Venture Exchange.
Each Unit shall consist of one common share of the Company and one
common share purchase warrant (a "Warrant"). Each Warrant shall be
exercisable into one common share of the Company for a period of 24
months from closing at an exercise price of C$0.075.
In addition, the Company also announces that it will conduct a
non-brokered private placement of up to C$200,000 in Units under
similar terms as above.
The proceeds from the financings are expected to be used by the Company
to support development of the new Airware zero drift sensor technology,
and for general working capital purposes. Closing of the financings is
anticipated to occur on or before April 28, 2011 and is subject to
This news release does not constitute an offer to sell or a solicitation
of an offer to buy nor shall there be any sale of any of the securities
in any jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or the securities laws of any state of the United
States and may not be offered or sold within the United States or to,
or for the account or the benefit of, U.S. persons (as defined in
Regulation S under the U.S. Securities Act) unless registered under the
U.S. Securities Act and applicable state securities laws or pursuant to
an exemption from such registration requirements
About AirTest: AirTest Technologies (www.airtest.com) is a Green-tech company specializing in sensors that improve
commercial building operating efficiency and at the same time create
energy savings. These sensors are all based on technical innovations
developed in the last ten years, and comprise a growing a second wave
of energy saving technologies that will make a significant contribution
to the Sustainable Buildings Program. Airtest offers its products to
leading-edge building owners, contractors and energy service companies
targeting the buildings market. Airtest also provides energy cost
reduction solutions to building equipment and controls manufacturers
who incorporate AirTest sensor components in their products.
Statements about the Company's future expectations and all other
statements in this press release other than historical facts are
"forward looking statements". The Company intends that such
forward-looking statements be subject to the safe harbours created
thereby. Since these statements involve risks and uncertainties and are
subject to change at any time, the Company's actual results may differ
materially from the expected results.
Neither the 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.
SOURCE AirTest Technologies Inc.
For further information:
Mr. George Graham, President
Phone: (604) 517 3888
Fax: (604) 517 3900