OTTAWA, March 13 /CNW Telbec/ - As disclosed by Growthgen Equity Inc.
("Growthgen") by separate release as of the date hereof, Growthgen has
acquired of all of the issued and outstanding securities (the "Acquisition")
of Process Photonics Inc. ("Process Photonics").
In connection with the Acquisition and a concurrent private placement,
Donald Gibbs, an officer and former shareholder of Process Photonics, has
acquired 2,053,790 common shares of Growthgen, representing 11.85% of the
outstanding common shares of Growthgen as of the closing of the Acquisition.
Mr. Gibbs does not own any other securities of Growthgen.
1,973,790 of such Growthgen common shares were issued to Mr. Gibbs in
exchange for 1,230,000 shares of Process Photonics that he held and such
Growthgen common shares are held in escrow pursuant to the requirements of the
TSX Venture Exchange. The remainder of such Growthgen common shares were
acquired by Mr. Gibbs in a concurrent private placement at a price of $0.50
per common share.
For a full description of the Acquisition and concurrent private
placement, please refer to the filing statement of Growthgen filed on
www.SEDAR.com on February 28, 2007.
Mr. Gibbs is issuing this press release pursuant to the requirements of
National Instrument 62-103 - The Early Warning System and Related Take-Over
Bid and Insider Reporting Issues - and the applicable Canadian securities
For further information:
For further information: Donald Gibbs, 349 Terry Fox Drive, Ottawa,
Ontario, K2K 2V6