VICTORIA, March 8 /CNW/ - Streetlight Intelligence Inc. ("SLQ") is pleased to announce that, further to its news release dated January 12th, 2010, the Company has completed a private placement of 21,113,936 units at a purchase price of $0.12 per unit (the "Unit") for gross proceeds of $2,533,672. Each Unit consists of one common share and one-half (1/2) of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to purchase one (1) additional common share of the Corporation at a purchase price of $0.24 exercisable on or before March 5, 2011. Upon exercising of all Warrants, this private placement has the potential to raise up to an additional $2,533,672.
The common shares, Warrants, as well as any common shares issued upon exercise of the Warrants are subject to a hold period expiring on July 5, 2010.
"We are now in a position to capitalize on the sales pipeline that we are developing, and are thankful for the strong support from existing and new shareholders as we successfully close this private placement," states Vince Krynski, Chief Executive Officer. "We also thank Dundee Securities Inc. for their part in raising the funds and look forward to working with them in the future as our Company grows."
Commissions in the amount of $36,569 were paid and 304,738 broker warrants were issued in relation to this private placement. Net proceeds will be allocated towards general working capital.
About Streetlight Intelligence Inc.
Streetlight Intelligence Inc. develops advanced street light optimization systems - and was recently recognized as the "New Technology of the Year" at the British Columbia Hydro 2009 Power Smart Excellence Awards. Trademarked as Lumen IQ(TM), SLQ's technologies provide improved lamp performance, adaptive lighting control, and system-wide communications for centralized street light management. SLQ's systems enable street light operators to significantly reduce their community's energy consumption, maintenance costs and environmental impact.
SLQ is a public company listed on the TSX Venture Exchange under the symbol "SLQ".
Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning the future potential sales related to the sales pipeline, the allocation of proceeds towards working capital and other factors and events described in this news release should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions events or results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.
SOURCE STREETLIGHT INTELLIGENCE INC.
For further information: For further information: visit www.StreetlightIQ.com or contact: Vincent Krynski, Chief Executive Officer, (403) 571-2412, vkrynski@StreetlightIQ.com; D. Mark Alenius, CA, Chief Financial Officer, (403) 803-7390, malenius@StreetlightIQ.com