VICTORIA, BC, May 15 /CNW/ - Streetlight Intelligence Inc. ("SLQ") is
pleased to announce that, further to its news release dated April 20th, 2009,
the Company has completed an initial tranche of a private placement of
6,775,000 units at a purchase price of $0.10 per unit (the "Unit") for gross
proceeds of $677,500. 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 $0.20 exercisable on or before May 15,
2010. Upon exercising of all Warrants, this private placement has the
potential to raise up to an additional $677,500. A second tranche for the
balance of the previously announced private placement is expected to close in
the near future.
The common shares, Warrants, and any common shares issued upon exercise
of the Warrants are subject to a hold period expiring on September 15, 2009.
No commissions were paid in relation to this private placement and all
proceeds will be allocated towards general working capital.
In addition to the working capital provided by the completion of this
private placement and the possible second tranche, the Company continues to
examine other strategic alternatives to enhance shareholder value, including
but without limitation, seeking future financings by way of equity or debt
issues, joint ventures, distribution agreements, or licensing of its
technology. As part of this initiative, the Corporation is pursuing a possible
financial arrangement with a major utility located in eastern Canada to raise
up to an additional $500,000.
About Streetlight Intelligence Inc.
Streetlight Intelligence Inc. develops advanced street light optimization
systems. 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
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 anticipated receipt of funds from a further tranche of the private
placement, future possible strategic alternatives, equity or debt issues,
joint ventures, distribution agreements, licensing of its technology,
obtaining a financial arrangement with a major utility 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. Such risks and other factors
include, among others, the ability and timing of the Corporation to complete
the private placement, the effects of a recessionary economy and volatile
capital markets and such other business risks as discussed herein and other
publicly filed disclosure documents of the Corporation. 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.
For further information:
For further information: www.StreetlightIQ.com or: Vincent Krynski,
Chief Executive Officer, (403) 571-2412, vkrynski@StreetlightIQ.com; D. Mark
Alenius, CA, Chief Financial Officer, (403) 803-7390,