Streetlight Intelligence Inc.

Streetlight Intelligence Inc.

September 28, 2007 18:23 ET

Streetlight Intelligence Inc. Announces Closing of Non-Brokered Private Placement of Convertible Debentures

VICTORIA, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2007) - Streetlight Intelligence Inc. (the "Corporation") (TSX VENTURE:SLQ) announced today that it has completed its private placement of gross proceeds of $787,000 in aggregate principal amount of convertible subordinated secured debentures (the "Convertible Debentures") of the Corporation. The Convertible Debentures shall bear interest at 7% per annum, payable semi-annually in arrears and will mature on September 28, 2009 (the "Maturity Date"). The Convertible Debentures will be convertible into units ("Units") of the Corporation at the holder's option at any time prior to the Maturity Date at a conversion price equal to $0.90 per Unit and at the Corporation's option at any time prior to the Maturity Date if the average closing trading price of the common shares ("Common Shares") of the Corporation on the TSX Venture Exchange or any other exchange on which the Common Shares are traded exceeds $1.80 for fifteen (15) consecutive trading days.

Each Unit will consist of one (1) Common Shares and one-half (1/2) of one Common Shares purchase warrant ("Warrants"). Each whole Warrant will entitle the Holder to purchase one (1) Common Shares at an exercise price of $1.20 per Common Share for a period of twenty four (24) months from the date of issuance of the Convertible Debentures. The securities issued pursuant to the private placement are subject to a four (4) month hold period expiring on January 29, 2008.

In connection with the private placement, the Corporation paid a finder's fee of 7% in respect of $400,000 in aggregate principal amount of Convertible Debentures to an arm's length finder and the Corporation also paid a finder's fee of 3.5% in respect of another $250,000 in aggregate principal amount of Convertible Debentures to another arm's length finder.

The net proceeds from the private placement will be used for product commercialization, working capital and general corporate purposes.

Streetlight Intelligence Inc. has developed proprietary technology which allows streetlights to be remotely programmed so they are turned on and off or dimmed at specific times delivering significant energy savings. This programmable capability is combined with functionality that reduces maintenance costs. The result is a complete solution that allows power utilities and municipalities to significantly reduce their electrical power consumption as well as their maintenance costs.

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

Contact Information

  • Streetlight Intelligence Inc.
    Martin A. Winstanley
    Vice President
    (250) 544-0147 ext. 224
    Streetlight Intelligence Inc.
    19 - 6782 Veyaness Road
    Victoria, B.C. V8M 2C2