SOURCE: ISE Corporation

ISE Corporation

March 25, 2010 07:05 ET

ISE Limited Completes Initial Public Offering

SAN DIEGO, CA--(Marketwire - March 25, 2010) -  ISE Limited (TSX: ISE) announced today that it successfully completed its initial public offering of 3,450,000 common shares at a price of C$6.00 per common share for gross proceeds of C$20,700,000 on February 23, 2010. The initial public offering was previously announced outside of the United States on February 23. The common shares trade on Toronto Stock Exchange under the symbol "ISE". The offering was sold through a syndicate of underwriters co-led by Raymond James Ltd. and RBC Dominion Securities Inc., and including Cormark Securities Inc. and Jacob Securities Inc.

ISE intends to use the net proceeds from the offering for research and development, capital equipment purchases, secured convertible promissory note repayment, and sales and marketing expansion.

"We are proud to become a public company on Toronto Stock Exchange," stated Rick Sander, CEO and President of ISE Limited. "This new corporate milestone enables us to continue building upon a strong foundation of hybrid-electric drive system products and energy storage system products for the heavy duty vehicle market. In December 2009, Long Beach Transit, our customer since 2001, reached 10 million miles in revenue service with its fleet of gasoline hybrid-electric buses powered by our hybrid-electric drive systems. In Fall 2009, we booked sales of our lithium energy storage systems to two major global manufacturers of heavy duty vehicles. We are excited to have successfully completed our initial public offering, which will enable us to expand sales globally and invest further in our energy storage system technologies, controls software and power electronics."

"ISE is an excellent example of a U.S.-based company that has successfully accessed the capital it needs on Toronto Stock Exchange," said Kevan Cowan, President TSX Markets and Group Head of Equities. "We are very proud to have the company on our market."

"Our listing on the Toronto Stock Exchange represents several significant accomplishments," stated David Morash, CFO and treasurer of ISE. "In addition to being the 150th U.S.-based company on Toronto Stock Exchange, we are the 15th U.S.-based clean technology company and the first U.S.-based, venture capital backed clean technology listing on the exchange."

About ISE Limited

ISE Limited ( is a leading developer, manufacturer and distributor of heavy duty hybrid-electric drive systems based on our core proprietary technology, which is focused on three critical subsystems: energy storage, controls software and power electronics. ISE specializes in series hybrid-electric and all-electric/zero emission technologies, and offers industry-leading energy storage systems and hybrid system components. Over the past 10 years, ISE has sold over 300 hybrid-electric drive systems that have demonstrated reliability and performance in over 12 million miles of fleet operation.

Established in 1995, ISE is headquartered in San Diego, California, and employs a team of 138 employees, more than one-third of which are software, electrical, mechanical and systems engineers. ISE's history of innovation and technological leadership has resulted in the design and development of systems and components that deliver superior operating performance.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "project," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. Factors that could cause results to vary include those expressed in our filings with Canadian securities regulatory authorities. All information presented herein should be read in conjunction with such filings.