BURLINGTON, ON, Aug. 25 /CNW/ - IPICO Inc. (TSX-V: RFD) is pleased to
announce that it has entered into a definitive agreement with CATS LUHAI
(Beijing) Investment Co., Ltd. (CATS LUHAI), a subsidiary of the China Academy
of Transportation Sciences, an agency of the Chinese national Ministry of
Transport, to complete a non-brokered $10 million private placement of common
shares of IPICO at the price of $0.25 per share (see IPICO release dated July
23, 2009). Completion of the private placement is subject to the approval of
the shareholders of IPICO and other customary closing conditions.
IPICO recently entered into an exclusive joint venture with CATS LUHAI to
exploit the potential of IPICO's RFID technology for Electronic Vehicle
Identification (EVI) applications within Greater China (see IPICO release
dated April 29, 2009) and has confirmed receipt of its first purchase order
relating to that joint venture (see IPICO release dated August 13, 2009).
ABOUT IPICO Inc: IPICO Inc. is an RFID solution supplier with operations
in Canada, USA, South Africa, Europe, Asia and Australia. IPICO produces smart
labels and tags based on the IP-X communication protocol. IPICO's low
interference readers are designed to meet regulatory requirements in many
major markets, and allow for multi-reader rollout in close proximity. IPICO's
low cost RFID products excel at long read range, fast multi-read
anti-collision and high thru-beam read-speeds of dynamic tag populations.
These products are used to optimize the management of items, people,
animals and processes within the logistic supply chain and other value chains.
For further information, go to www.ipico.com.
This news release contains certain forward-looking statements pertaining
to future anticipated projected plans, performance and developments, as well
as other statements relating to future operations and results, including,
without limitation, statements as to sales forecasts and required minimum
future revenues. Any statements in this news release that are not statements
of historical fact may be considered to be forward-looking statements. Written
words such as "may", "will", "expect", "believe", "anticipate", "estimate",
"intends", "goal", "objective", "seek", "attempt", "suggest" or variations of
these or similar words, identify forward-looking statements. These statements
by their nature are estimates of future results only. Actual results could
differ materially from those contained in the forward-looking statements and
are based on current expectations that involve substantial risks and
uncertainties, including but not limited to the failure to meet market growth,
order volume, delivery commitment or minimum revenue expectations, political
intervention, and those other risks and uncertainties detailed from time to
time in IPICO's periodic reports filed on SEDAR (www.sedar.com).
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR THE ACCURACY OF THIS RELEASE.
For further information:
For further information: Gordon Westwater, President & CEO, IPICO Inc.,
Tel: (905) 631-6310, E: firstname.lastname@example.org; Jiann Hsieh, Vice
President, IPICO North Asia, Tel.+86-13585856108, E: email@example.com