RICHMOND HILL, ON, June 4 /CNW/ - JITE Technologies Inc. ("Jite") (TSX
Venture Exchange: "JTI") is pleased to announce that following its news
release of May 17th, 2007, Jite and its lead agent, Research Capital
Corporation, and two other participating agents, CIBC World Markets Inc. and
MGI Securities Inc., have set the offering terms of Jite's proposed
$10.0 million private placement.
The private placement is for up to 22,222,222 units (the "Units") for
aggregate gross proceeds of $10.0 million. The Units are being sold at
$0.45 per Unit and each Unit consists of one common share of Jite and one-half
of one common share purchase warrant. Each whole warrant entitles the holder
to purchase an additional common share, at a price of $0.65 for a period of
24 months from the closing of the private placement financing. The private
placement is expected to close on or about June 12, 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.
Closing of the private placement financing is subject to TSX Venture
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
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