DoveCorp Enterprises Inc.

DoveCorp Enterprises Inc.

January 17, 2007 14:35 ET

DoveCorp Announces $150,000 Private Placement

TORONTO, ONTARIO--(CCNMatthews - Jan. 17, 2007) - DoveCorp Enterprises Inc. (the "Company") (TSX VENTURE:DOV) is pleased to announce that it has completed a private placement of 1,071,428 units of the Company ("Units") at a price of $0.14 per Unit for gross proceeds of $149,999.92 (the "Offering"). Each Unit will consist of one common share of the Company ("Common Share") and one-half of one Common Share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire a further Common Share at an exercise price of $0.20 per share for a period of 24 months from the closing date. The Warrants shall be subject to accelerated expiry provisions such that if at any time after 4 months from closing the Company's shares trade on the TSX Venture Exchange at or above a weighted average trading price of $0.40 per share for 20 consecutive trading days, the Company may give notice in writing and by news release to Warrant holders that the Warrants will expire 30 days from the date of providing such notice.

The Units are subject to a four month hold period expiring on May 18, 2007. Weslosky & Cowans Ltd. and a sub-agent, Magna Partners Ltd., received an aggregate cash commission of $12,000.00 and 85,714 compensation options exercisable into 85,714 Units of the Company at $0.14 per Unit.

About DoveCorp:

DoveCorp is a leader in Canada's dry-cleaning and laundry industry, with the only ISO 9001 dry cleaning registration in the world. For more than 10 years, its flagship Dove Cleaners division has been widely recognized by various fashion and industry magazines as among the best premium dry cleaning and laundry services in Canada. At the same time, its Dove Depot, Meena Cleaners, and Natural Cleaners divisions excel in the mass market. DoveCorp's acquisition of Cadet Cleaners, a leader in the Greater Toronto Area for 50 years, has brought the number of DoveCorp's retail locations to 98. In addition, Dove Cleaners Commercial is a full-service provider of linen, uniforms, and mat rentals. The company also provides out-sourced dry cleaning and laundry services.

Forward-looking statements

This document contains forward-looking statements relating to DoveCorp's financial performance, operations or to the environment in which it operates, which are based on DoveCorp's operations, estimates, forecasts, and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond the company's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in the company's corporate filings, (posted at Consequently, readers should not rely on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, DoveCorp cannot be certain that actual results will be consistent with these forward-looking statements, and the company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


This press release shall not constitute an offer to sell of the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this release. The TSX Venture Exchange has in no way passed on the merits of the transaction described herein.

Contact Information

  • DoveCorp Enterprises Inc.
    Sam Mizrahi
    President and CEO
    (416) 782-8788 x 223