April 17, 2007 18:18 ET

CCR Technologies Ltd. Completes Private Placement of 6.5% Secured Convertible Debentures, Principal Amount $500,000

CALGARY, ALBERTA--(CCNMatthews - April 17, 2007) - CCR Technologies Ltd. (the "Corporation") (TSX:CRL) is pleased to announce that on April 16, 2007, the Corporation completed a private placement of a series of secured convertible debentures (the "Debentures") in the aggregate principal amount of $500,000 which mature on December 15, 2009 (the "Private Placement"). The Debentures are secured against the assets of the Corporation and bear interest at an annual rate of 61/2%, payable quarterly and rank pari passu with all existing debentures previously issued by the Corporation. Except in the event of default, no principal repayment is required or permitted prior to maturity. The principal amount of the Debentures is convertible at the option of the holder into common shares of the Corporation ("Common Shares") at a conversion price of $0.50 per share. The Corporation also has the option to force conversion of the Debentures after the second anniversary of the Debentures if the average trading price of the Common Shares over a 30 day period exceeds the original conversion price by 180% in the third year, 220% in the fourth year and 260% in the final year. The total amount of secured convertible debentures of the Corporation outstanding is in the aggregate principal amount of $5,500,000.

Tom Coyne, Chief Executive Officer of the Corporation, noted that "we are grateful for the continued support of our investors as we implement our turnaround plan to substantially increase the value we create for our clients and shareholders."

The Corporation is a technology solutions company focused on the purification of process chemicals and sweetening of sour gas through the use of proprietary patented technologies. The Corporation provides economic and environmental benefits to the upstream, downstream oil and natural gas industries, and is also pursuing new business opportunities in the petrochemical and international chemical purification markets. The Common Shares of the Corporation trade on the Toronto Stock Exchange under the symbol "CRL".

Contact Information

  • CCR Technologies Ltd.
    Thomas A. Coyne
    President and Chief Executive Officer
    (403) 262-4300
    CCR Technologies Ltd.
    Alan D. Mosher
    Chief Financial Officer
    (403) 262-4300