Washmax Corp.

January 07, 2005 11:56 ET

Washmax Announces Private Placement of 2,600,000 Common Shares


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: WASHMAX CORP.

TSX VENTURE SYMBOL: WMC

JANUARY 7, 2005 - 11:56 ET

Washmax Announces Private Placement of 2,600,000
Common Shares

TORONTO, ONTARIO--(CCNMatthews - Jan. 6, 2005) - Washmax Corp.
("Washmax") (TSX VENTURE:WMC) is pleased to announce that it has raised
gross cash proceeds of $55,000 and settled the repayment of certain
outstanding debt in the principal amount of $75,000 through a private
placement of 2,600,000 common shares at a price of $0.05 per common
share.

2,500,000 of the common shares were issued to Michael Churchill,
President and a director of Washmax. Mr. Churchill acquired the shares
for cash consideration in the amount of $50,000 and forgiveness of
certain outstanding debt owing to Mr. Churchill by the company in the
principal amount of $75,000. The debt was the result of cash advances
previously made by Mr. Churchill to Washmax from time to time.

The common shares issued to Mr. Churchill were issued pursuant to
certain exemptions from the formal valuation and minority approval
requirements of Ontario Securities Commission Rule 61-501. Specifically,
Washmax relied on the exemptions available for transactions where the
fair market value of the transaction does not exceed 25% of the
company's market capitalization.

Upon completion of the private placement, Mr. Churchill will hold
5,300,000 common shares of Washmax representing 52.5% of the outstanding
common shares.

All common shares issued pursuant to the private placement will be
subject to a hold period of four months from the date of issue of the
common shares. The hold period expires on April 30, 2005.

Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe Washmax's
future plans, objectives or goals, including words to the effect that
Washmax or management expects a stated condition or result to occur.
Since forward-looking statements address future events and conditions,
by their very nature, they involve inherent risks and uncertainties.
Actual results in each case could differ materially from those currently
anticipated in such statements.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Washmax Corp.
    Michael Churchill
    (416) 678-0928