TORONTO, March 7 /CNW/ - IPICO Inc. (TSX-V:RFD) announced today its
intention to issue to Mel Steinke, Executive Chairman of IPICO, on a
non-brokered private placement basis, 600,000 common shares at a price of
$0.50 per share for gross proceeds of $300,000. This placement is expected to
close within 30 days.
Mr. Steinke has been a member of the board of directors of IPICO since
its inception. He was appointed Executive Chairman effective January 1, 2007.
This private placement is made in furtherance of that appointment. Additional
information respecting Mr. Steinke and that appointment can be found in the
Company's press release dated January 10, 2007.
The Company will advance to Mr. Steinke on closing the amount of $300,000
necessary to complete this share purchase. The loan will be non-interest
bearing and will be repayable over five years.
About IPICO Inc.
IPICO is an RFID and global visible commerce supply-chain solution
supplier with operations in Canada, USA, France, South Africa, China and
Australia. IPICO produces smart labels and tags based on the IP-X(TM) air
protocol. IPICO's low interference readers comply with regulatory requirements
in major geographical regions, and allow for multi-reader rollout in close
proximity. The IPICO DIMI(TM) middleware platform manages applications in
large-scale, distributed systems, and allows for effective device management,
data switching and data security. 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 values chains.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: or a copy of Mel Steinke's complete biography,
please contact: Gordon Westwater, President, IPICO, Tel: (905) 631-6310,