EcoMax Energy Services Ltd.
TSX VENTURE : EES

EcoMax Energy Services Ltd.

August 08, 2005 08:48 ET

EcoMax Announces Debenture Extensions

CALGARY, ALBERTA--(CCNMatthews - Aug. 8, 2005) - EcoMax Energy Services Ltd. (TSX VENTURE:EES) announces that it has successfully extended the term of its two debentures. The first debenture, with a principal amount off $172,000 and bearing interest at 12% per annum has been extended for two years and will now mature on June 2, 2007. This debenture will no longer have a conversion feature.

The Company has also amended the terms of its $500,000 convertible debenture. Pursuant to the amended terms, the maturity date of the debenture has been extended from February 21, 2006 to February 21, 2008. As a result of the amendment, the debenture is now convertible into common shares of the Company at a rate of $0.175 per common share for the year ending February 21, 2006; at a rate of $0.20 for the year ending February 21, 2007, and at a rate of $0.25 per share for the year ending February 21, 2008. The interest rate on the debenture remains at 10%. This amendment was approved by the debenture holders and by a vote of disinterested shareholders of the Company at the Annual Meeting on May 19, 2005.

EcoMax President and CEO Wayne Thomson noted that "these extensions significantly improve the Company's financial position by adding $672,000 to working capital and allow us to better manage our improving revenues."

EcoMax Energy Services Ltd. is an emerging oilfield services company whose product offering includes BOP and valve sales and service solutions to the oil and gas and other industries in Western Canada and the patented EcoMax Chemical Pump. The EcoMax Pump reduces operating costs and greenhouse gas emissions at natural gas installations by utilizing a small pressure differential from the wellhead to the flow line to power a methanol chemical injection pump, which prevent hydrates from forming at the wellhead. The pump returns the exhaust gas to the sales line increasing natural gas sales and eliminating wellhead atmospheric emissions. The EcoMax Pump offers significant economic benefits to customers while enhancing safety and landowner relations. Operators can sell gas now being emitted to the atmosphere from sweet gas facilities, eliminate the need for propane at sour gas facilities and may accumulate carbon credits for greenhouse gas reductions. The EcoMax Pump addresses issues in the recently ratified Kyoto agreement and the updated Alberta Energy and Utilities Board Guide 60 on the emission of fugitive gases from well sites.

The Company's new website is currently under construction, but our existing website can be accessed through www.ecomax.ca.

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

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