TSX Venture Exchange Trading Symbol - NIT
47,600,704 shares outstanding
MARKHAM, ON, Jan. 28 /CNW/ - Neotel International Inc. ("Neotel")
announced that on December 11, 2007 Mr. Patrick Sherman resigned from the
Board of Directors of the Company. Mr. Sherman joined the board in September,
2005 and his loyalty and service to the Company are greatly appreciated. He
will continue to act as President of SecureIT Investigations and Consulting
Ltd., a wholly owned subsidiary of Neotel.
The vacancy on the board left by Mr. Sherman's resignation has been
filled by Mr. Dennis Bernhard. Mr. Bernhard has 24 years of experience in the
financial services industry where he has been a senior executive with Merrill
Lynch, Morgan Stanley and Deutsche Bank with postings in London, Tokyo, New
York, Paris and Toronto. Since 2001, Mr. Bernhard has been involved in
investing and advising a number of established and start-up companies in
operations efficiency and finance. Areas of interest include manufacturing,
mining and metal processing, waste clean-up, gas treating, software solutions
and networks. Mr. Bernhard acts as an advisor to BioTeq Environmental
Technologies Inc. and is acting Chairman of Cansolv Technologies Inc.
Mr. Bernhard was acting CEO of Tenth Power Technologies Inc. prior to its
acquisition by Neotel in 2007.
Neotel also announced that, on December 31, 2007 it closed on a
non-brokered offering of 2,941,875 Units at a price of $0.08 per Unit to raise
gross proceeds of $235,350. Each Unit consists of one common share and one
common share purchase warrant ("Warrant"). Each whole warrant will entitle the
holder to acquire one additional common share at a price of $0.13 for a period
of twenty four months from the date of purchase. The proceeds will be used in
All securities issued in connection with the private placement are
subject to a resale restriction for a period of four months from the date of
In addition, the Company is pleased to announce that this month we have
shipped an order of $150,000 of Secure Fax units to the Federal Government.
ABOUT NEOTEL INTERNATIONAL INC.
Neotel is a provider of enterprise information technology, security and
biometrics identification solutions to organizations, government and
healthcare agencies. Neotel offers clients a portfolio of secure solutions to
protect assets, reduce costs, increase revenues and comply with government and
industry regulatory frameworks. Additional information about Neotel is
available at www.neotel.ca.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Maureen Espin, Neotel International Inc., Tel:
(905) 948-9229 x28