Hydro Ottawa Holding Inc.

Hydro Ottawa Holding Inc.

March 08, 2010 09:20 ET

Hydro Ottawa Announces Additional Strategic Investment in Streetlight Intelligence Inc.

OTTAWA, ONTARIO--(Marketwire - March 8, 2010) - Hydro Ottawa Holding Inc. ("Hydro Ottawa") is pleased to announce that it has completed a further strategic investment in Streetlight Intelligence Inc. ("SLQ" or the "Company"), a Canadian company that manufactures intelligent lighting systems that improve the energy efficiency of street lighting.

In consideration of a payment of $500,000.04, Hydro Ottawa has acquired 4,166,667 units of the Company (the "Units") at a price of $0.12 per Unit, as part of a private placement completed by the Company on March 5, 2010 (the "Acquisition") that saw investments totalling $2,033,260 in the Company by other parties. Each Unit consists of one common share (a "Unit Share") and one-half (1/2) of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles Hydro Ottawa to purchase one additional common share of the Company (a "Warrant Share") at a price of $0.24 exercisable for a period of 12 months from the closing date.

"Street lighting represents a significant opportunity for energy savings, and this proven technology is positioned to be a market leader in helping communities to achieve those savings," said Rosemarie Leclair, President and Chief Executive Officer of Hydro Ottawa Holding Inc. "The completion of this investment round represents an important step in the commercialization of the LumenIQ technology, and we are excited about the opportunity to play a role in that."

The Acquisition is in addition to the prior acquisition by Hydro Ottawa of certain options (the "Options") pursuant to which Hydro Ottawa has the right to purchase up to an aggregate of 10,000,000 common shares of the Company (the "Option Shares").

If Hydro Ottawa were to proceed with the purchase of the Option Shares and the Warrant Shares noted above, it would own a total of 16,250,000 common shares of SLQ, representing approximately 15.20% of SLQ's issued and outstanding common shares calculated on a partially diluted basis. The Acquisition has increased Hydro Ottawa's potential security holding percentage in the Company by 3.26%.

Hydro Ottawa acquired the Units pursuant to a subscription agreement with SLQ dated March 5, 2010 for investment purposes. Hydro Ottawa is also continuing its discussions with SLQ regarding the possible establishment of a distribution agreement between SLQ and Hydro Ottawa for the Province of Ontario. The discussions are preliminary and no assurances can be made that such an agreement will be reached.

Contact Information