TSX Venture Exchange Trading Symbol - TPI
48,820,704 shares outstanding
TORONTO, Feb. 23 /CNW/ - Tenth Power Technologies Corp. ("TPI") announced
today that a non-brokered Convertible Secured Debenture to raise gross
proceeds of $415,000 has closed. The Debentures will be governed by debenture
certificates to be dated as of the closing date, February 11, 2009, and will
not be listed for trading on the TSX Venture Exchange or any other public
The Debentures will mature, unless earlier converted into Debenture
Units, on February 11, 2011 and will bear interest of 9% per annum calculated
and payable semi annually in arrears from the closing date, notwithstanding,
if the weighted average closing price of the common shares equals, or exceeds,
$0.10 for 30 consecutive trading days the interest rate shall be adjusted
downward to 7%.
Each Debenture will be convertible at the holder's option at any time
from the closing date to maturity at $0.07 per Common Share.
The Company will have the option to redeem the Debentures at par plus
accrued and unpaid interest at any time by providing notice not less than 30
days and not more than 60 days of its intent to redeem.
All securities issued in connection with the debenture are subject to a
resale restriction for a period of four (4) months from the date of issue.
The company is restructuring operations to reduce costs and the proceeds
of the financing will be used for working capital purposes and to complete
product development projects.
CHANGE OF ADDRESS
As part of the ongoing efforts to further reduce costs and streamline
operations TPI has relocated its principal and registered office to 8 Price
Street, 4th Floor, Toronto, ON M4W 1Z4, sharing facilities with its
subsidiary, Tenth Power Technologies Inc. This not only reduces overheads but
consolidates all technical and management personnel in one location.
CHANGES TO OFFICERS AND ADDITION TO THE BOARD OF DIRECTORS.
At a meeting of the Board of Directors held on February 11, 2009 the
Board received and accepted the resignation as Chairman from Mr. Frank Maw who
had served in this capacity since January, 2007. Mr. Maw will continue to
serve as a member of the Board of Directors. The position of Chairman was
filled by Mr. John Whincup who had recently resigned his position as
President/CEO in order to assume the position of Chairman. Mr. Whincup has
been a director and senior officer since February 2007. Mr. Rick Lambrick was
appointed to the position of President/CEO effective February 11, 2009,
subject to the approval of TSX Venture Exchange Mr. Lambrick has been part of
the TPI management since May, 2008.
Mr. Lambrick brings over 19 years of marketing, business development,
product development and corporate operations experience to the company. He has
filled a number of management and leadership roles serving a wide range of
fortune 1000 companies, financial service companies, manufacturers, regional
and municipal governments, healthcare and related clients with various
Mr. Lambrick's knowledge of product conceptualization, custom software
and web application development, market development and successful product
rollout experience will enhance the speed, focus and success potential for the
companies new and ever growing product lines.
With a history of building efficient corporate operations, diversifying
and increasing revenue and strategic business development, Mr. Lambrick is
focused on building sustainable business growth and stakeholder value.
Mr. Guy Burry was appointed to the Board of Directors, effective
immediately, subject to TSX approval. Guy brings to the TPI team in-depth
knowledge and board level experience within the financial services, software
development, manufacturing, and environmentally compatible technology sectors.
Guy has a B.A. from York University. He was in the first graduating class
of the Institute of Corporate Directors Governance College at the Rotman
School, attaining his ICD.D designation in 2004. He currently sits on York
University's Board of Governors and is Chair of the University's Pension Fund
Investment Committee. He is also Chair of the York University Alumni
Association Board of Directors Guy holds directorships and advisory position
with a number of other organizations: Knightsbridge Human Capital Management
(Chair Governance and Nominations Committee and member Audit Committee);
Muskoka Algonquin Healthcare (Chair, Finance and Accountability Committee);
Vice-Chair The Toronto Atmospheric Fund (Chair, Investment Committee); The
Taylor Statten Camping Bursary Fund; Advancing Canadian Entrepreneurship -
SIFE Canada; and a number of private corporations and Foundations.
ABOUT TENTH POWER TECHNOLOGIES CORPORATION
Tenth Power Technologies is a Canadian based technology and solutions
Company. The Company provides Bio-identity technology, Workflow and Resource
Management platforms, secure information transfer technology and innovative
product development and integration services. The company's products and
services are currently being delivered in the Government and Manufacturing
sectors and are being prepared for the Financial Services and Health Care
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Maureen Espin, Tenth Power Technologies Corp.,
Tel: (905) 948-9229 x177