PowerTech Corporation Inc.
TSX VENTURE : PWB

PowerTech Corporation Inc.

October 02, 2007 09:59 ET

PowerTech Has Well Filled Order Book

The Company's order book totals more than $430,000 for its next fiscal year beginning October 1

TERREBONNE, QUEBEC--(Marketwire - Oct. 2, 2007) - Mr. Carol Murray, President and Chief Executive Officer of PowerTech Corporation Inc. "PowerTech" (TSX VENTURE:PWB), is pleased to announce that the Company now has a solid order book for its PicBucket 2000 Series, an innovative percussion bucket designed to equip small-sized excavators. Based on the various contractual agreements reached with its clients, the Company already has firm orders totalling $430,000 for this product. Delivery dates are scheduled during the next fiscal year, which officially began yesterday, October 1, 2007.

"The tangible results that we are announcing today confirm the accuracy of our commercialization strategy. Initially, we had to be patient because introducing a new way of doing things and innovative technology to the market takes a certain period of time, as well as significant marketing efforts. We now see that these investmens have been rewarded. More and more distributors recognize the advantages of our technology and are interested in marketing our products to their clients. For their part, our strategic partners, with whom we have signed OEM agreements, have set up efficient sales programs to meet the anticipated demand," said Mr. Murray.

The 2000 Series: a beginning

Furthermore, in recent months PowerTech also successfully launched its 1000 and 3000 Series buckets and received its first orders for these products. The 1000 Series buckets are designed for mini-excavators, whereas the 3000 Series is for larger excavators. "By adequately meeting the needs of the targeted applications, these new members of the PicBucket family are fulfilling their promises. The gradual commercialization of a wider range of our products through our distributors and strategic partners, is expected to contribute toward the increasing growth of our order book in the coming months. Our OEM agreements include all PicBucket models. In addition to the 2000 Series, this includes the 1000, 3000, 4000 and 5000. Our anticipated orders for the 2000 Series are, therefore, just the first step in our development plan, since we also offer the 1000 and 3000 Series and soon, the 5000 Series. The foundations are now in place for steady and major sales growth. This allows us to envision our short and medium term future with a great deal of optimism," adds Mr. Murray.

Debenture conversions

As set forth in the terms of the convertible debenture issued on August 2, 2005 to SIPAR Inc., the Company has issued 973,552 shares in payment of the first two years of accumulated interest. The $427,888 total covers the period from August 2, 2005 to August 2, 2007. The interest rate is 12.95% per year, calculated semi-annually on a total debenture amount of $1,500,000. Regarding the terms of the debenture, the price of shares issued was determined according to the weighted average price of the Company's common shares traded during the 20-day period preceding the interest payment date of August 2, 2007, minus the maximum discount of 20% permitted by the TSX Venture Exchange (the Exchange), resulting in a conversion price of $0.44.

Share issuance in payment of a debt is subject to approval by the Exchange.

About PowerTech (www.powertechci.com)

PowerTech is the only company in the world that manufactures and commercializes percussion technology with interchangeable tools and accessories for the construction, demolition, aluminum, mining, tunnelling, forestry and military industries. PowerTech's percussion technology, marketed under the PicBucket and PicHammer names, is a technological breakthrough that combines the power of a hydraulic hammer with the stripping force and manoeuvrability of a conventional bucket.

PowerTech is positioning itself as a leader in the development, integration and commercialization of leading edge technologies that allow for substantial improvements in excavation and demolition equipment performance, productivity and functionality.

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

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