Jite closes private placement financing


    RICHMOND HILL, ON, June 15 /CNW/ - JITE Technologies Inc. ("Jite") (TSX
Venture Exchange: "JTI") announces that it has closed the previously announced
private placement of 22,223,000 units ("the Units") at a price of $0.45 per
Unit for aggregate gross proceeds of $10,000,350. Each Unit consists of one
common share and one-half of a 2 year common share purchase warrant. Each
whole warrant entitles the holder to purchase one common share for $0.65 for
24 months following Closing after which they expire. The securities issued
under the private placement are subject to a four (4) month hold period,
expiring on October 16, 2007.
    Proceeds from the financing will be used for capital expenditures to
expand Jite's manufacturing capacity as a result of 4 new projects with
multinational clients and for general corporate purposes.
    The transaction was led by Research Capital Corporation and included CIBC
World Markets Inc. and MGI Securities Inc. In connection with this private
placement Jite paid to the agents a cash commission of $750,026.25 equal to
7.5% of the aggregate gross proceeds and issued 1,555,611 Compensation Options
equal to 7% of the number of Units sold. Each Compensation Option is
exercisable for a period of twelve months from the date of issuance into one
    McVicar Resources Inc. (the controlling shareholder of Jite) and 2 other
insiders of Jite subscribed for a total of 996,000 Units or 4.48% of the

    About JITE

    JITE designs and manufactures electronic and electrical connection
devices for security, industrial control, automation, telecommunication, and
power supply industries. JITE is headquartered in Toronto, Canada and carries
out research and manufacturing operations in Shenzhen China at its ISO 9001
certified facility.

    This press release contains forward-looking statements which reflect the
Corporation's current expectations regarding future events. The
forward-looking statements involve risks and uncertainties. Actual results
could differ materially from those projected herein. Although we believe that
our expectations are based on reasonable assumptions, we can give no assurance
that our expectations will materialize.

    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: JITE Investor Contact: Dr. Gang Chai, Chairman
of the Board, Tel: (416) 366-7420; Henry Tse, Chief Financial Officer, Tel:
(416) 456-7803; www.jite.com

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