EcoMax Energy Services Ltd.

EcoMax Energy Services Ltd.

January 26, 2011 16:24 ET

EcoMax Announces Intention to Proceed With Private Placement

CALGARY, ALBERTA--(Marketwire - Jan. 26, 2011) - EcoMax Energy Services Ltd. ("EcoMax" or the "Company") (NEX BOARD:EES) announces that it will issue up to 4,000,000 units ("Units") at a price of $0.05 per Unit in a non-brokered private placement (the "Offering"). Each Unit consists of one common share of the Company ("Common Share") and one share purchase warrant ("Warrant"). Each Warrant shall entitle the holder to acquire one Common Share at a price of $0.10 per share for a period of 12 months from the date of issuance.

Closing of the Offering is expected to occur on or before February 28, 2011 and is subject to receipt of all necessary regulatory approvals. The net proceeds of the Offering will be used for working capital.

This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated timing for the closing of the Offering. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by EcoMax, including with respect to the anticipated timing for closing the Offering. Although EcoMax believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because EcoMax can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These forward-looking statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the failure to obtain necessary regulatory approvals, risks and uncertainties that settlement terms with creditors cannot be successfully negotiated and that strategic alternatives to realize value may not be available on terms satisfactory to the Company or at all.

Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date hereof and EcoMax undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the NEX 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.

Contact Information

  • EcoMax Energy Services Ltd.
    Mark Hopkins
    President and Chief Executive Officer
    (403) 303-2500
    (403) 252-0999 (FAX)