Open EC Technologies, Inc.

Open EC Technologies, Inc.

October 29, 2007 18:24 ET

Open EC Technologies, Inc. Enters Into an Agreement for the Acquisition of Assets of Mala Ventures Inc.

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2007) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) is pleased to announce that it has entered into an agreement to purchase from Mala Ventures Inc. ("Mala"), a company controlled by Martyn Armstrong (CEO and Director of the Company), absolute ownership of all of the software currently under license from Mala, including the Open BPM software (the "Software").

The software facilitates electronic business management and electronic commerce, allowing customers to conduct business-to-business e-commerce. The Company currently uses the Software under license from Mala and by the terms of the acquisition agreement will eliminate the obligation to pay any further licensing fees to Mala from and after March 1, 2007. It will also allow the Company to further develop the Software without seeking consent from Mala or any other third parties and thereby allow it to commercialize and license the existing and any future iterations of such Software without consideration of the rights of any other parties.

The Company will pay Mala an aggregate of $396,304.00 for the Software payable by way of cash and the issuance of 2,000,000 Units of Open EC at a deemed price of $0.165 per Unit, with each Unit comprised of a common share and a warrant to acquire an additional share of the Company at a price of $0.205 per share.

This press release is available on the Company's official on-line Investor Relations HUB at for investor questions, answers and monitored commentary. Alternatively, investors are able to e-mail all questions and correspondence to where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

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.


Martyn A. Armstrong, President and 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.

Trading in the securities of Open EC should be considered speculative. The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

Statements regarding financial forecasts of Headware are made by Headware, the basis for which while considered reasonable by the Company, have not been independently audited or verified by 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.

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