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E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE |
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FOR IMMEDIATE RELEASE |
Solar Energy Company-Arise Technologies Corporation Has Been Accepted For Trading On The Tsx Venture Exchange Starting July 22, 2003 |
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KITCHENER, ONTARIO, Jul. 21 -/E-Wire/-- ARISE Technologies Corporation (ARISE) today announced that its commonshares have been accepted for trading by the TSX Venture Exchange starting Tuesday July 22, 2003. The company's common shares will trade under the symbol "APV" and the warrants will trade under the symbol "APV.WT".
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Ian MacLellan, President and CEO of ARISE, said, "I would like to thank all of the people who participated in this financing and supported our vision of accelerating the mainstream use of solar energy."
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The initial closing of the ARISE IPO on June 27, 2003 raised $907,329 less $90,733 for commissions on the sale of 1,209,772 of units priced at $0.75 per unit. The second closing on July 10, 2003 for 202,479 units raised $151,859 less $15,186 for commissions under the same terms as the initial closing. The Agent for the IPO was Northern Securities Inc. whichwas entitled to a 10% cash commission plus 10% in broker's warrants. Northern Securities received $28,020 of their commission in the form of 37,441 units. Each broker warrant entitles the holder to purchase one unit at a price of $0.75 per unit and are exercisable until June 26, 2005.
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The company completed the amalgamation with Intercedent Ventures Ltd. (IVL) on June 30, 2003. The TSX Venture Exchange completed its approval process of the IVL amalgamation today. Accordingto IVL's March 31, 2003 interim financial statements, IVL had total net assets as of March 31, 2003 of $517,318, including $175,000 of loans payable by ARISE to IVL that was eliminated upon completion of the amalgamation. The net assets amount will also be reduced by the amalgamation expenses incurred by IVL, which are estimated to be $25,000.
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Each unit sold in the initial closing and the second closing consists of one common share and one-half share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $1.00 and is exercisable until June 26, 2005. ARISE issued a total of 1,412,251 units in its IPO. An additional 923,076 common shares were issued to IVL shareholders pursuant to the amalgamation. In addition, 461,538 share purchase warrants were issued to IVL shareholders pursuant to the amalgamation. Each share purchase warrant entitles the holder to purchase one ARISE common share for $1.00 and is exercisable until June 30, 2004. The combined IPO and IVL financing resulted in 2,335,327 new shares being issued, resulting in a total of 9,430,234 shares outstanding of which 3,365,940 are held in escrow. The combined transactions added approximately $1.55 million to the shareholders' equity of ARISE.
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Additional information is in the ARISE/IVL amalgamation agreement dated November 15, 2002, the ARISE final prospectus dated May 27, 2003, the IVL information circular dated May 28, 2002 and the ARISE information circular dated May 28, 2002. All documents are available on www.SEDAR.com.
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About ARISE Technologies Corporation
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ARISE (Appropriate Renewable Intelligent Sustainable Energy) is an energy technology company dedicated to accelerating the use of solar energy in mainstream markets. The directors of ARISE include Brian Smith (chair), Harold Alexander, Vern Heinrichs, Ian MacLellan (President and CEO), Hal Merwald, Bart Tichelman and Alan Winter. In addition to Ian MacLellan, the officers of ARISE are Michael Ben (Operations Manager and CFO) and Patrick Cusack (V.P. Engineering).
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About IVL
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Prior to the amalgamation with ARISE, IVL was a Capital Pool Company created pursuant to Exchange Policy 2.4.
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/SOURCE:
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ARISE Technologies Corporation |
-0-
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07-21-2003 |
/CONTACT:
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ARISE Technologies Corporation
Ian MacLellan
President and CEO
Phone: (519) 725-2244 x222
ian.maclellan@ARISEtech.com
or
Investor Relations
Ciris Group of Companies
Jon Kieran
Phone: (416) 368-8770
jon@cirisint.com
www.arisetech.com |
| /WEB SITE: |
http://http://www.SEDAR.com
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