Open EC Technologies, Inc.

Open EC Technologies, Inc.

November 28, 2008 09:00 ET

Open EC Technologies, Inc. Reports Record First Quarter, Fiscal 2009 Results With 49% Revenue Increase

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2008) - Open EC Technologies, Inc. (the "Company") (TSX VENTURE:OCE) announced today a new sales record with sales revenue for the first fiscal quarter increasing 49% from the same period of the previous fiscal year to $1,918,370 with EBITDA earnings of $222,431 for the period ended September 30, 2008.

Highlights of the performance during the three months ended September 30, 2008 are as follows:

- The revenues for the quarter were $1,918,370 with an EBITDA of $222,431 as compared with revenues of $1,286,584 and an EBITDA of $176,037 during the same period in the last fiscal year.

- The Company's China subsidiaries, Headware and Jinhuaye, had a record quarter with combined revenues of $1,708,859 and EBITDA of $345,397.

The Company finalized the purchase of certain intellectual property, including certain software source code, licences and trademarks, from Mala Ventures Inc. ("Mala"), a private company controlled by a director of the Company. At October 15, 2008, the Company issued 2,000,000 units to Mala, each unit consisting of one common share valued at $0.165 and one share purchase warrant exercisable at $0.205 per share for a period of two years.

"We are pleased with the progress we've achieved since the Fine High acquisition." commented Mr. Martyn Armstrong, president and CEO, "This is the fifth consecutive quarter of record revenue growth and positive financial indicators for the Company, clearly highlighting the business development, revenue growth and profitable execution goals are solidly on track."

The comparative financial statements for the three months ended September 30, 2008, along with other information, may be obtained through the Company's website at or on SEDAR at

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 Inc.,, and Shenzhen Headware Software System Ltd., 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 & 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. Michael (Gong) Chen, 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.

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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