TERREBONNE, QC, July 16 /CNW Telbec/ - Power Tech Corporation Inc.
("PowerTech or the Company") (TSX-V: PWB) is pleased to announce the
completion of its previously announced non-brokered private placement (the
"Placement "), as of last July 14, for gross proceeds of $890,000.
2,225,000 units (the "Units") were issued as part of this placement. Each
Unit priced at $0.40 per unit is comprised of one common share of the Company
and one common share purchase warrant. Each warrant will entitle the holder to
acquire, at any time within 24 months from the date of closing of the private
placement one additional common share of the Company at an exercise price of
$0.50. A total of 2,225,000 shares and 2,225,000 warrants were issued to
investors under this Placement.
Proceeds from the Placement will be used by PowerTech to pursue the
implementation of its business plan, specifically the roll-out of its private
label OEM agreements with world-class manufacturers and the potential signing
of other similar deals. This financing will also allow for the launch of the
new series 5000 PicBucket(R), which will cater to the needs of one of the
largest identified end-markets, namely carriers within the 20 to 30 tons
Concurrently, PowerTech confirms the conversion into common shares of an
amount of $77,680 of accrued interest to July 9, 2008 in regards to debt held
by "Le Fier Cap Diamant, Société en commandite". The payment is consistent
with the terms of the current Placement and will be converted at a price of
$0.40 and includes one common share warrant at an exercise price of $0.50
which translates into the issuance of 194,200 shares and 194,200 warrants.
About PowerTech (www.powertechci.com)
PowerTech is the only company in the world that manufactures and
commercializes percussion technology with interchangeable tools and
accessories for the construction, demolition and military industries.
PowerTech's percussion technology is a technological breakthrough that
combines the power of a hydraulic hammer with the stripping force and
manoeuvrability of a conventional bucket. Powertech's products are marketed
under the PicBucket(R) and PicHammer(R) names as well as under world renowned
private label brands thru OEM agreements with large manufacturers.
The trademarks PicBucket(R) , PicHammer(R) and the Powertech logo are
registered trademarks of Powertech Canada Inc.
Certain statements included herein, including those that express
management's expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management at this time,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. Investors are cautioned not to put undue
reliance on forward-looking statements. We disclaim any intent or obligation
to update publicly these forward looking statements, whether as a result of
new information, future events or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Carol Murray, President and Chief Executive
Officer, Power Tech Corporation Inc., (450) 963-6400, Fax: (450) 963-4411,
firstname.lastname@example.org; Investor Relations: Marc Jasmin, President,
Jasmin Financial communications Inc., (450) 963-6400 ext: 202, Cell: (514)