Omnitech Consultant Group inc.

Omnitech Consultant Group inc.

May 19, 2006 15:38 ET

Closing of Chief Executive Officer's Investment in GCO

QUEBEC CITY, QUEBEC--(CCNMatthews - May 19, 2006) - Omnitech Consultant Group Inc. ("GCO") (TSX VENTURE:GCO), confirms the closing of an investment of Mr. Claude Belley, its Chief Executive Officer, via its holding, 9137-4470 Quebec Inc., of an amount of $500,000 under the form of a convertible debenture, which was announced on April 12.

The convertible debenture maturing on April 9th, 2010, bears a 9% interest rate which is payable monthly. It is convertible at any time, at the holder's option, at a conversion price of $0.33 per unit. This price per unit shall increase, in accordance with the policies of the TSX Venture Exchange Inc., by 10% per year starting on the third year following the issuance of the debenture. Each unit is composed of one common share and one warrant of GCO. Each warrant gives its holder the right to acquire one additional common share at the price of $0.48 per share until the first of the following dates: i) 2 years after its issuance or ii) April 9th, 2010. In accordance with the policies of the TSX Venture Exchange Inc., the securities issued through the concomitant private placement will be subject to a mandatory holding period of four months.

Furthermore, GCO will issue a total of one hundred thousand (100,000) warrants to Sipar inc. and to Mr. Michel Aube, Carl Foster and Real Bouchard, as stipulated in the terms of a promissory note of an aggregate value of $500,000 issued on November 30, 2005, which bears interest at a rate of 14% per annum and whose initial term of December 23, 2005 has been postponed to April 2006. Each warrant gives its holder the right to acquire one common share at the price of $0.77 per share until November 30, 2006. The exercise period of the warrants has been reduced from 18 months to 12 months as per regulation requirements.

About Omnitech Consultant Group Inc. ("GCO")

GCO is a Canadian leader in performance engineering. GCO offers solutions as a one-stop-shop in engineering, information technology and systems maintenance. GCO is capable of intervening in all aspects of industrial engineering and information technology, thus combining a major and distinctive niche compared with the competition. GCO integrates new technologies or optimizes existing systems by applying cutting-edge expertise currently used in the best practices.

The prospective announcements contained in this press release are associated with known and unknown risks, uncertainties and other factors that could lead to actual company results, yields and achievements that differ significantly from the future results, yields or achievements expressed or implied by these prospective facts.

TSX Venture Exchange Inc. assumes no responsibility regarding the relevance or accuracy of this press release.

Contact Information

  • Omnitech Consultant Group
    Claude Belley
    Chief Executive Officer
    Omnitech Consultant Group
    Philippe R. Bertrand
    Vice President, Communications and Public Affairs
    (514) 378-7445