Open EC Technologies, Inc.

Open EC Technologies, Inc.

October 04, 2007 11:04 ET

Open EC Technologies, Inc. Appoints Assistant Controller and New Sales Associate and Grants Incentive Stock Options

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 4, 2007) - Open EC Technologies, Inc. (the "Company") (TSX VENTURE:OCE) (PINK SHEETS:OCEIF) announces Mr. Valent Chan has joined the Company as assistant controller and Mr. Nikolai Martynov has accepted an appointment to the Company's sales and marketing team. The Company also announces it has granted stock options to its staff, directors, management and investor relations consultant under its Stock Option Plan.

Mr. Chan holds CPA (Hong Kong) and a CMA (Canada). He also holds an MBA degree and has hands-on financial management experience in North America and China. Mr. Chan is fluent in English and Mandarin and will assist with preparing financial statements for the Company and recently acquired Shenzhen Jinhuaye Software. (See the Company's New Release of October 18, 2006.)

Mr. Nikolai Martynov joins the Company's sales and marketing team with 16 years of software industry sales experience with Fortune 500 customers and partners in Europe and Asia. Mr. Martynov has held sales management and business development positions with SAP AG, Lotus Development, Softline and Incognito Software.

Martyn Armstrong CEO of Open EC states, "Our business is attracting well quailified, experienced and professional staff to execute our aggressive business plans. Mr. Chan brings strength to our financial reporting and disclosure governance relevant to our Canada-China business operations and Mr. Martynov, brings sales management, business development experience from some of the largest software companies in the world."

Updates to the Company Stock Option Plan

Pursuant to the Company's Stock Option Plan (the "Plan"), incentive stock options have been granted to the Directors of the Company to purchase up to 100,000 common shares of the Company at $0.20 per share until October 2, 2009. Incentive Stock Options have also been granted to the Management to purchase up to 100,000 shares at $0.20 per share until October 2, 2008 and an additional 120,000 shares at $0.25 per share until October 2, 2009. Incentive Stock Options have also been granted to the Staff to purchase up to 175,000 shares for $0.20 per share until October 2, 2009 and to investor relations consultants to purchase up to 250,000 shares at $0.20 per share until September 20, 2010. Vesting of the investor relations options will be in accordance with TSX Venture Exchange policies. Following the granting of the options, the Company will have unexercised stock options to acquire up to 3,140,000 of the Company's shares.

About Open EC Technologies Inc.

Open EC Technologies Inc ("OCE") is a TSX Venture Exchange listed holding company specializing in the acquisition of software companies in e-business, mobile business and business to business (b2b) commerce. Our subsidiaries, SoftCare EC Solutions, , and Headware Shenzhen Software, provide software solutions to customers throughout North America and Asia. With over 400 employees in the OpenEC Group of companies we deliver global innovative software solutions to mid market through fortune 100 companies.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.

On Behalf of the Board of Directors

Martyn A. Armstrong, President & CEO

Further information about the Company can be found on SEDAR ( or by contacting either, Mr. Martyn A. Armstrong, President & CEO of the Company or Mr. John A. Versfelt, CFO and a Director of the Company.

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