/NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES/
VANCOUVER, Feb. 12 /CNW/ - Otis Capital Corp. (the "Company") wishes to
announce that is has increased the size of its previously announced
$500,000 private placement to $550,000. The Company will now issue up to
2,200,000 common shares at a price of $0.25 per common share, for aggregate
gross proceeds of up to $550,000. The net proceeds from this private placement
will be used for general working capital purposes. No Finders Fees will be
incurred in connection with this financing. All securities issued will be
subject to a four-month hold period. The proposed financing is subject to the
approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
"Craig T. Lindsay"
President & CEO
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE
This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
For further information:
For further information: Tel: (604) 683-2507, Fax: (604) 683-2506,