Open EC Technologies, Inc.
TSX VENTURE : OCE

Open EC Technologies, Inc.

March 05, 2010 16:15 ET

Open EC Technologies, Inc. Announces Closing of $240,000 Non-Brokered Private Placement

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2010) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) is pleased to announce it received conditional acceptance from TSX Venture Exchange for a non-brokered private placement of 3,000,000 common shares at a price of $0.08 per common share to raise gross proceeds of up to $240,000. The private placement has closed, subject to final approval from the TSX Venture Exchange. The shares are subject to a 4 months hold period from date issued. No warrants will be issued. No finder's fee will be paid in connection with the private placement. The private placement proceeds will be used for general working capital

About Open EC Technologies Inc.

Open EC is a TSX Venture Exchange listed company. Its subsidiary, SoftCare EC Solutions Inc. is an e-business software, services and solution provider. SoftCare's OpenEC® e-business software includes solutions for Electronic Data Interchange (EDI), Healthcare Interoperability and Business Process Management. The Company sells the OpenEC® products and solutions to the healthcare, financial services and retail supply chain in North America. The company has a growing focus on turnkey solutions for US Healthcare Information Technology Reforms funded by the US Federal Government ARRA programs for Healthcare IT Interoperable mandates. Additional product and solution information is available on the web at www.softcarehealthcare.com and www.softcare.com and additional public company information is available on the web at www.openec.com. The Company's common shares trade on the TSX Venture Exchange under the symbol: OCE.

ON BEHALF OF THE BOARD

Martyn A. Armstrong, President and CEO

Further information about the company can be found on SEDAR (www.sedar.com).

This news release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information