Contec Innovations Inc.

Contec Innovations Inc.

May 09, 2008 17:28 ET

Contec Announces Extension of Warrant Terms and Issuance of Employee Shares and Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2008) - Contec Innovations Inc. (TSX VENTURE:BUZ), a provider of mobile software and services, announced today that it will extend the term of 4,285,714 non-transferable common share purchase warrants (the "Warrants") to August 21, 2009, subject to regulatory approval. The Warrants were issued pursuant to the private placement offering which closed on August 21, 2007 and initially set to expire on May 22, 2008. The exercise price of the Warrants will remain at $0.30 per share.

Additionally, Contec will issue a combined 223,324 common shares to certain employees at a deemed price of $0.09 per share. The shares represent the amount these certain employees purchased for the month of April 2008 through an optional program that enables employees to invest a percentage of their salary in common shares of the Company. The issuance of these shares is subject both to TSX Venture Exchange approval and a four-month hold period.

Contec has also granted stock options to purchase up to 1,451,112 common shares of the Company at an exercise price of $0.10 for up to five years to employees and inside directors. The options will expire on May 8, 2013 and are subject to a 4-month hold-period expiring September 9, 2008. The grant of these stock options is subject to TSX Venture Exchange approval.


Don Lay, President & CEO

About Contec Innovations

Contec Innovations Inc. (TSX VENTURE:BUZ) operates the BUZmob™ mobile publishing service. BUZmob™ delivers digital content to mobile users on any device, on any network, anywhere in the world. BUZmob™ is powered by Contec's Hornet™, a mobile data infrastructure solution that accelerates the creation and rollout of mobile data services. Headquartered in Vancouver, Canada, Contec has a sales and support office in Beijing, China. For more information: or

The statement made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations. Hornet™ and BUZmob™ are trademarks of Contec Innovations Inc.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein.

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