AgriTec Systems Inc.

AgriTec Systems Inc.

May 12, 2008 15:12 ET

AgriTec Systems Announces USD $16,000 Private Placement

WEBSTER, TEXAS--(Marketwire - May 12, 2008) - AgriTec Systems Inc. (TSX VENTURE:AGR) ("AgriTec" or the "Corporation") is pleased to announce that it has entered into agreements with one arm's length party, who has agreed to purchase an aggregate of 16,000 Series A Preferred Shares at US $1.00 from the treasury of the Corporation, for gross proceeds to AgriTec of US $16,000. Each Series A 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 3 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 general working capital for the Corporation. The required documentation is being filed with the TSX Venture Exchange, and completion of the private placement is pending regulatory approval.

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

Contact Information