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VANCOUVER, Aug. 8 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) announces
that it has completed its bought deal offering previously announced on July
18, 2007 of 33,000,000 common shares at a price of $0.38 ("the Issue Price").
In addition, and under the terms of the bought deal offering, Cormark
Securities Inc. has exercised the over-allotment option, on behalf of the
underwriters, to purchase an additional 4,950,000 common shares at the Issue
Price. As such, a total of 37,950,000 common shares have been issued under the
offering for total gross proceeds of $14,421,000.
Cormark Securities Inc. led the syndicate of underwriters, including
Research Capital Corp. and PI Financial Corp. in this bought deal financing.
The common shares will not be registered under the U.S. Securities Act of
1993 (the "Securities Act") and may not be offered or sold within the United
States or to, or for the account or benefit of U.S. persons except in certain
transactions exempt from the registration requirements of the Securities Act.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of securities in
any state in which such offer, solicitation or sale would be unlawful.
About VRB Power
Headquartered in Vancouver, Canada, VRB Power Systems Inc. is an energy
storage technology developer which is marketing, selling and manufacturing
products utilizing the patented VRB Energy Storage System ("VRB-ESS(TM)"). The
VRB-ESS can economically store and supply large amounts of electricity on
demand and is focused on stationary applications. It is a long life, cost
effective, low maintenance, efficient technology that allows for the
scalability of power and storage capacity independently. The VRB-ESS is
particularly beneficial to renewable energy providers, utilities and end users
through its ability to "inventory" electricity, allowing for the optimal match
of supply and demand.
The VRB-ESS is well suited for a variety of applications. Enabling the
provision of "firm" capacity from intermittent renewable generation such as
wind and solar; more cost effective and efficient generation of electricity in
remote areas; capital deferral for utilities; and load levelling (peak
shaving) applications. The VRB-ESS is also capable of providing backup power
solutions including applications for utility sub-stations and
telecommunication sites. The VRB-ESS is characterized by having the lowest
ecological impact of all energy storage technologies and is unlike most other
conventional energy storage systems that rely on substances such as lead or
Caution regarding forward-looking statements: VRB Power's press releases
may contain forward-looking statements. These statements are based on
management's current expectations and beliefs which are subject to a number of
known and unknown risks and uncertainties (including, but not limited to, the
risk factors described in VRB Power's Annual Information Form filed with the
British Columbia Securities Commission and available at www.sedar.com) that
could cause actual results to differ materially from those expressed or
implied in our forward-looking statements. The Company does not assume any
obligation to update any forward-looking statements contained in this press
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: VRB Power Systems Inc. at (604) 697-8820,
Investor Relations at (604) 697-8835, or visit the company's web site at