AgriTec Systems Inc.

AgriTec Systems Inc.

March 09, 2005 15:55 ET

AgriTec Systems Announces Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: AGRITEC SYSTEMS INC.

TSX VENTURE SYMBOL: AGR

MARCH 9, 2005 - 15:55 ET

AgriTec Systems Announces Private Placement

WEBSTER, TEXAS--(CCNMatthews - March 9, 2005) - AgriTec Systems Inc.
(TSX VENTURE:AGR) ("AgriTec" or the "Corporation") is pleased to
announce that it has entered into agreements with a related party,
enviroTechnologies Systems, Inc. and an arm's length party, who have
agreed to purchase an aggregate of 120,000 Series One Preferred Shares
at US $1.00 from the treasury of the Corporation, for gross proceeds to
AgriTec of US $120,000. Each Preferred Share shall be entitled to
receive a cumulative dividend at the rate of 7% per annum, is redeemable
at the option of AgriTec and is convertible into 2 listed Common Shares
of the Corporation for a period of five years. The placement was
completed on a non-brokered basis, and no commissions or finder's fees
are payable in connection with the transaction. Proceeds of the
placement will be used for certain start-up costs associated with the
recently completed manufacturing facility located in Stuttgart, Arkansas
and for general working capital. The required documentation has been
filed with the TSX Venture Exchange, and completion of the private
placement is pending regulatory approval.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    AgriTec Systems Inc.
    Mr. Douglas K. Stephens
    President and CEO
    (281) 338-2966
    Email: dstephens@agritecsystems.com
    Website: www.agritecsystems.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.