Eagle I Capital Corporation

August 26, 2009 14:29 ET

Eagle I Signs Letter Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 26, 2009) - Eagle I Capital Corporation ("Eagle I" or the "Company") (TSX VENTURE:EIC.P) wishes to announce it has signed a letter agreement to advance an additional US$100,000 to Miguel's Products, LLC ("Miguel's"), as permitted by Policy 2.4 of the TSX Venture Exchange ("TSXV"). The loan is repayable on or before December 31, 2009 and shall bear interest at the rate of 7% per annum. Under the letter agreement, Miguel's has granted Eagle I a security interest in all of its assets. The funds will be subject to the same terms and conditions under the Merger Agreement dated July 22, 2009, as previously disclosed in a news release on July 23, 2009. The Company has obtained TSXV approval for the Deposit.

The additional funds will enable Miguel's to meet their growth projections and to continue new product development which will allow them to meet requirements associated with recent orders.


Barry Atkins, President & CEO

Completion of the Merger is subject to a number of conditions, including but not limited to, TSXV acceptance, approval of the majority of the shareholders of the Company and the closing of the Concurrent Financing. There can be no assurance that the Merger will be completed as proposed or at all.

This news release was prepared by management of EIC.P which takes full responsibility for its contents.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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