TORONTO, March 14 /CNW/ - Gerald Hurlow, of 181 Rosedale Heights Drive,
Toronto, Ontario M4T 1C7 today announced that he acquired 600,000 units in the
capital of Delta Systems, Inc. ("Delta Systems" or "the Company") pursuant to
a private placement announced on March 6, 2007 (the "Offering"). Mr. Hurlow is
Executive Chairman and a member of the Board of Directors of the Company.
On March 13, 2007 Delta Systems announced that it had completed the sale
of 3,800,000 units at a price of CDN $0.35 per unit ("Units"), for gross
proceeds of CDN$1,330,000. Each Unit is comprised of one common share of the
Company ("Common Shares") and one-half purchase warrant (a "Warrant"). Each
whole Warrant entitles the holder thereof to purchase one Common Share at a
price of CDN $0.45 per share until the second anniversary of the closing date
of the Offering.
Subsequent to this transaction Gerald Hurlow owns 1,049,000 Common Shares
representing 4.48% of the issued and outstanding Common Shares. In addition he
owns securities convertible into 550,000 Common Shares, represented by 300,000
Warrants, and 250,000 stock options that have been issued pursuant to the
Company's stock option plan. If Gerald Hurlow were to convert all of the
convertible securities into Common Shares, he would own 6.67% of the issued
and outstanding Common Shares.
Further, subsequent to this transaction Gerald Hurlow, Hurlow Management
Inc. and Julie Hurlow (the "Hurlow Group") own 3,460,337 Common Shares
representing 14.77% of the issued and outstanding Common Shares. In addition
the Hurlow Group owns securities convertible into 1,053,010 Common Shares,
represented by 803,010 Warrants, and 250,000 stock options that have been
issued pursuant to the Company's stock option plan. If the Hurlow Group were
to convert all of the convertible securities into Common Shares, they would
own 18.44% of the issued and outstanding Common Shares.
The Units were acquired for investment purposes. Gerald Hurlow and the
Hurlow Group may from time to time acquire additional securities in the
capital of Delta Systems, dispose of some or all of the existing or additional
securities that it holds or will hold, or many continue to hold its current
For further information:
For further information: Bruce Wigle, (416) 815-0700 ext. 228,