SOURCE: Smokefree Innotec, Inc.

Smokefree Innotec, Inc.

April 16, 2010 06:00 ET

Smokefree Innotec Begins Drawing on $417,000 Line of Credit to Fund Distributors

NASHVILLE, TN--(Marketwire - April 16, 2010) -  Smokefree Innotec, Inc. (PINKSHEETS: SFIO) (http://www.sfio.us or http://www.realsmokefree.com) announced today that it has received confirmation from Manfred Bogaert, General Manager Europe of its Belgium operations, that Smokefree Innotec has received correspondence evidencing that effective April 13, 2010, KBC Bank of Antwerp granted a 300,000 EU ($417,000) credit line to the company's European subsidiary Smokefree Innotec bvba, with offices at Antwerp, Belgium.

The credit line established was used immediately to transmit funds in the amount of 242,000 EU ($336,380 at the current exchange rate of 1.39). The purpose of the wire transmitting the funds is to secure the shelf space for the vending machines SFIO has under contract with Conway, a leading distributor in Europe, to stock 6000 vending machines. Of the amount advanced to Conway, 42,000 EU ($58,380) represents a tax deposit that is expected to be returned within 14 days as sales progress.

About Smokefree Innotec, Inc: www.smokefree-innotec.com

Smokefree Innotec, Inc. is in the business of designing, developing, manufacturing and marketing a hi-tech, nicotine delivery cigarette-like device which is completely smoke and vapor-free and tobacco-free. Smokefree Innotec's products are designed to protect the non-smoker from second hand smoke and all its effects while providing the smoker a way to enjoy a smoke-free cigarette anywhere, including places where smoking tobacco or similar substances is prohibited. Further, our products will allow the smoker to enjoy smoking while not having to worry about the offensive dangers and ill effects of regular cigarette smoking.

View this release in video format: http://www.vodnewswire.com/vodnewswire/news/smokefree-20100416/

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A number of statements referenced in this Press Release are forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, and goals, assumption of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this Release may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may", "could," or "might" occur. Such statements reflect the current views of Smokefree Innotec Inc. with respect to future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services, and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses, and other factors. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. Smokefree Innotec, Inc. does not undertake any responsibility to update the "forward-looking" statements contained in this news release.

Contact Information

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    Smokefree Innotec, Inc.
    Kim Carroll, Investor Relations
    +1 949 630 9831

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