Nuvolt Corporation Inc.

Nuvolt Corporation Inc.

February 26, 2010 17:22 ET

Nuvolt Corporation Inc. Announces That it Won an Award at the Gala Annuel des Societes en Bourse 2010 and That it Has Extended the Closing of the Private Placement of a Maximum of $500,000

LEVIS, QUEBEC--(Marketwire - Feb. 26, 2010) - Mr. Jacques Dion, President and Chief Executive Officer of Nuvolt Corporation ("Nuvolt") (TSX VENTURE:NCO), is proud to announce that the company has won the Silver Award in the category of Aspiring enterprise in the regional market index at the Gala annuel des Sociétés en Bourse 2010 (2010 Annual Gala of corporations listed on the stock exchange) held on February 24th of this year.

Presented by the Chefs d'entreprise newspaper, the Gala annuel des Sociétés en Bourse recognizes the best performances of enterprises listed on the stock exchange and having their head office in the Québec and Chaudière-Appalaches regions. Nuvolt was recognized for the second best growth of shares and its profitability among aspiring enterprises in the Québec-Chaudière-Appalaches regional market index in 2009.

"My team and I are very proud of this honour. Our accomplishments should enable Nuvolt to move beyond its emerging enterprise status to become an elite company," mentioned Jacques Dion, President and Chief Executive Officer.

Moreover, Nuvolt announces that it has received the approval of the TSX Venture Exchange to extend the closing of the private placement announced last January 29th.

So far, the Company has received confirmations of subscriptions for 1,333,333 units. Nuvolt intends to complete a non-brokered private placement financing of up to 3,333,333 units (the "Units") at a price of $0.15 per Unit, for maximum proceeds of $500,000 (the "Placement"). Each Unit is comprised of one common share of Nuvolt and one warrant. Each warrant entitles the holder to acquire one common share of Nuvolt, at a price of $0.20 per share for a period of 36 months following the closing date. The Units will be subject to a four-month hold period under applicable securities laws. The proceeds of the Placement will be used for general corporate purposes and to finance the initial phase of the commercial launch of SMARTSCAN. This Placement is subject to regulatory approval.

About Nuvolt Corporation Inc.

Nuvolt has developed a specialized expertise in the management of electrical failures, power quality, the detection and neutralization of leakage current, as well as electrical network monitoring systems.

Nuvolt has devoted a great deal of energy to and has made major investments in the development of the SMARTSCAN project. The SMARTSCAN system is a user-friendly product that can be distributed by independent distributors active in specialized sectors including the farming, commercial and industrial sectors.

Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management. You are cautioned that such statements can be subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. The reader should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. These statements speak only as of the date they are made, and Nuvolt assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law. There is no guarantee that the private placement will be completed as mentioned in this press release or that its terms will not be varied.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Jacques Dion, President and CEO
    418-833-4055 (FAX)