TSX VENTURE: IWG
BURNABY, BC, Sept. 2 /CNW/ - International Water-Guard Industries Inc.
(IWG) has closed a private placement of $500,000, President & Chief Executive
Officer David C. Fox announced.
"Throughout 2008, we have been engaged in an accelerated product
development cycle to enhance our position as the premier provider of aircraft
water treatment and system solutions. This previously-announced placement adds
to our ability to rapidly execute our growth plans," Fox said. "In addition,
we are very pleased to announce that a significant portion of the placement
has been taken up by the Pender Growth Fund. We see this as another vote of
confidence in our development as a company and in our future prospects."
The Pender Growth Fund (VCC) Inc. has subscribed to $350,000 of the
placement. Pender is an established and diversified venture capital fund that
invests in B.C. technology companies with the objective of long-term capital
appreciation. The Fund has approximately $30 million of assets under
management (see http://penderfund.com/).
The securities issued under this private placement consist of 5,000,000
common shares priced at $0.10 per share, each with one warrant exercisable at
$0.17 for a period of 2 years. The shares and warrants each have a hold period
of four months expiring on December 28, 2008.
As well as using the proceeds to finance the Company's product
development program, funds will be used for sales and marketing initiatives,
working capital, general corporate purposes and for expenses of the issue.
Directors and management also participated in the private placement.
International Water-Guard is a Canadian aerospace company focusing on
aircraft potable water treatment and full water system solutions. IWG has
expertise in all aspects of water treatment, and has the products and know-how
to provide high quality water for passengers and crew, and light weight, space
saving solutions for the aircraft operator.
This news release contains certain forward looking statements that
reflect the current views and/or expectations of IWG with respect to its
performance, business and future events. Such statements are subject to a
number of risks, uncertainties and assumptions, which may cause actual results
to be materially different from those expressed or implied. Except as required
under applicable securities legislation, IWG assumes no future obligation to
update these forward looking statements.
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: International Water-Guard Industries Inc., Unit
One - 3771 North Fraser Way, Burnaby, BC, V5J 5G5, Canada, Tel: (604)
255-5555, 1-800-667-0331, Fax: (604) 255-5685, www.water.aero; Investor
Relations: The Howard Group Inc., Bob Beaty, Grant Howard, Toll Free:
1-888-221-0915, Info@howardgroupinc.com, www.howardgroupinc.com