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Begins trading on Toronto Stock Exchange
TORONTO, Feb. 23 /CNW/ - ISE Limited (TSX: ISE) announced today that it has successfully completed its initial public offering of 3,450,000 common shares at a price of C$6.00 per common share for gross proceeds of C$20,700,000. The common shares begin trading today on Toronto Stock Exchange under the symbol "ISE". The offering was sold through a syndicate of underwriters co-led by Raymond James Ltd. and RBC Dominion Securities Inc., and including Cormark Securities Inc. and Jacob Securities Inc.
Certain shareholders of ISE have granted the underwriters an over-allotment option, exercisable for a period of 30 days from closing, to purchase up to an additional 517,500 common shares at the offering price of C$6.00 per share. ISE will not receive any proceeds derived from the sale of common shares on exercise of the over-allotment option, if any.
ISE intends to use the net proceeds from the offering for research and development, capital equipment purchases, secured convertible promissory note repayment, and sales and marketing expansion.
"We are proud to become a public company on Toronto Stock Exchange," stated Rick Sander, CEO and President of ISE Limited. "This new corporate milestone enables us to continue building upon a strong foundation of hybrid-electric drive system products and energy storage system products for the heavy duty vehicle market. In December 2009, Long Beach Transit, our customer since 2001, reached 10 million miles in revenue service with its fleet of gasoline hybrid-electric buses powered by our hybrid-electric drive systems. In Fall 2009, we booked sales of our lithium energy storage systems to two major global manufacturers of heavy duty vehicles. We are excited to have successfully completed our initial public offering, which will enable us to expand sales globally and invest further in our energy storage system technologies, controls software and power electronics."
"ISE is an excellent example of a U.S.-based company that has successfully accessed the capital it needs on Toronto Stock Exchange," said Kevan Cowan, President TSX Markets and Group Head of Equities. "We are very proud to have the company on our market."
About ISE Limited
ISE Limited (www.isecorp.com) is a leading developer, manufacturer and distributor of heavy duty hybrid-electric drive systems based on our core proprietary technology, which is focused on three critical subsystems: energy storage, controls software and power electronics. ISE specializes in series hybrid-electric and all-electric/zero emission technologies, and offers industry-leading energy storage systems and hybrid system components. Over the past 10 years, ISE has sold over 300 hybrid-electric drive systems that have demonstrated reliability and performance in over 12 million miles of fleet operation.
Established in 1995, ISE is headquartered in San Diego, California, and employs a team of 138 employees, more than one-third of which are software, electrical, mechanical and systems engineers. ISE's history of innovation and technological leadership has resulted in the design and development of systems and components that deliver superior operating performance.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "project," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. Factors that could cause results to vary include those expressed in our filings with Canadian securities regulatory authorities. All information presented herein should be read in conjunction with such filings.
SOURCE ISE LIMITED
For further information: For further information: Investor Contact: Kirsten Chapman/Becky Herrick, Lippert/Heilshorn & Associates, (415) 433-3777, firstname.lastname@example.org; Company IR Contact: David Morash, Chief Financial Officer, ISE Limited, (858) 413-1724; Media Contact: Carolyn Paynton, Mktg. & Comm. Mgr., ISE Limited, (858) 213-8613