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E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE |
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FOR IMMEDIATE RELEASE |
EARTH (Canada) Corporation Closes $4,500,000 Private Placement with Solidarity Fund QFL & Societe Innovatech Grand Montreal for 39.4% Stake in Company |
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MONTREAL, QUEBEC, Apr. 2 -/E-Wire/--
Environmental Applied Research Technology House - EARTH (Canada) Corporation (TSX-V: EAR), a leader in hydrocarbon remediation technology, is pleased to announce that, subject to final regulatory approval, the Fonds de solidarité des travailleurs du Québec (F.T.Q.) (the "Fonds") and Innovatech Montréal ("IM") have invested $4,500,000 by way of a private placement. The Fonds and IM receive 23,076,923 units at a price of $0.195 per unit. Each unit consists of one common share and one-third (1/3) of a common share purchase warrant. Each whole share purchase warrant entitles the holder to acquire one common share, exercisable at $0.25 per share for two years. Effectively, the Fonds and IM will own 39.4% of the company, with an option to purchase an additional 7.0%. An Agent's fee of 3% was paid to Kiwi Partner Securities of New York. The shares are subject to a hold period which will expire on April 1st, 2004.
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Edward Akkawi, President & CEO comments, "This is a tremendous milestone for EARTH and the beginning of something potentially special between the parties. The proceeds of the funds are going to be used to grow and expand our business, take on new projects, working strategically with our licensees, and capitalize on our recent successes with our Total Oil Removal Remediation (TORR™) technology in the oil industry." He adds, "With these new monies, come new expectations. Our team is ready and look forward to the challenges of developing EARTH into a industry leader".
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About The Fonds
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The Fonds, with assets in excess of $4 billion in 2003, is an investment fund that helps create and maintain jobs in companies in Québec and to contribute to the economic development of Québec. With over 536,000 shareholders, the Fonds has helped create, maintain and protect over 97,000 jobs, either on its own or with other financial partners.
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For more information, please visit www.fondsftq.com
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About IM
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Managing a venture-capital investment fund of $350 million, IM specializes in technological innovation, from start-up to success. The organization sets itself apart by only financing technological innovations at the start-up or technology transfer stage. IM focuses its efforts on several dynamic industries, namely, information technology, health sciences, telecommunications and advanced technologies. With over 50 investments this past year and 140 companies in its portfolio, IM is the leading high-tech investor in Québec. It is a share-capital- based company whose sole shareholder is the Quebec government.
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For more information, please visit www.innovatech.qc.ca
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About Earth (Canada) Corporation Environmental Applied Research Technology House - EARTH (Canada) Corporation which is listed on the TSX Venture Exchange (TSX-V: EAR - News), is one of the world leaders in the development of leading edge technologies for hydrocarbon remediation. Through the use of RPA(R) and TORR(TM), EARTH's mission is to promote worldwide sustainable environmental technologies for treating and preventing oil pollution problems.
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For more information, please visit www.earthcanada.com
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/SOURCE:
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EARTH Canada Corporation |
-0-
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04-02-2003 |
/CONTACT:
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Investor Relations,
EARTH Canada Corporation,
514-522-5550 or 1-877-4RPA-TEC
investor@earthcanada.com
Ms. Carole Parent,
Press Relations and Communications Advisor, Solidarity Fund QFL,
Toll free: 1-800-361-5017,
cparent@fondsftq.com
Ms. Susan Dubé,
Director of Communications, Innovatech
Montréal, (514) 864-2929, Fax: (514) 864-2467
sdube@innovatech.qc.ca |
| /WEB SITE: |
http://http://www.earthcanada.com
http://http://www.fondsftq.com
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