Switchable Solutions Completes Initial Equity Offering

MISSISSAUGA, ON, Nov. 4, 2011 /CNW/ - Switchable Solutions Inc. today announced that it has completed a $3.23 million initial equity offering.  During Spring of 2011, the Company commenced commercialization of a breakthrough Green solvent-based platform technology that enables efficient, effective and environmentally-friendly extraction of bitumen from oil sands, plastic recycling and extraction of oil from seeds or algae.

The participants in the initial equity offering included strategic industrial partners, financial partners and management.  Approximately half of the offering resulted from cash injections, with the remainder through development services provided by strategic industrial partners.  The Company's shareholders now include GreenCentre Canada, Fielding Chemical Technologies Inc., Pressure Chemicals Inc., Stewardship Ontario, Nexcycle Plastics Inc., Fallingbrook Management Inc. and Switchable Solutions' management.

Since its inception earlier this year, the Company has completed numerous laboratory-scale applications of its technology to the extraction of bitumen from oil sands.  These trials have indicated the technology's potential to significantly reduce oil sands processing costs and eliminate tailing ponds.  In addition, these trials have confirmed the ability of Switchable Solutions' technology to effectively extract bitumen from difficult clay-laced ore.  The Company is embarking upon construction of a pilot oil sands processing facility.

In addition, the Company has recycled trial quantities of expanded polystyrene plastic waste, including cushion packaging.  These trials have produced recycled materials displaying similar characteristics to virgin polystyrene.  A producer of plastic consumer products has now validated Switchable Solutions' trial materials.  The Company is embarking upon construction of a plastic recycling demonstration plant at Fielding Chemical's Mississauga site.

Switchable Solutions was formed to commercialize a Green organic solvent-based platform technology, which was invented at Queens University in Kingston, ON and further developed by GreenCentre Canada.  "Both GreenCentre Canada and Queens' PARTEQ commercialization organization played important roles in advancing our technology from the pure research stage to the market ready development stage", remarked Mark Badger, Switchable Solutions' CEO.  "With Switchable Solutions' initial equity offering complete and other financings nearing conclusion, we are poised to deliver technology that will have a transformational impact on our customers' profitability, as well as a significant positive impact on the environment".

Switchable Solutions Inc. is a clean technology company focused on enhancing the profitability of its customers while at the same time making a positive impact to the environment.  The Company's proprietary Green solvent-based platform technology enables efficient, effective and environmentally friendly industrial and resource processing.

SOURCE Switchable Solutions Inc.

For further information:

Media Contact:       Investor Contact:
Mark Badger        Mary Frazer
President and CEO       VP, Finance and Administration
905 281 4633        905 281 4639

 

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Switchable Solutions Inc.

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