Omnitech Consultant Group inc.

Omnitech Consultant Group inc.

April 03, 2007 09:00 ET

GCO Announces a Financing of a Minimum of $1 Million and the Nomination of a Vice-President Sales and Marketing

QUEBEC CITY, QUEBEC--(CCNMatthews - April 3, 2007) - Mr. Philippe Collard, Chairman and Chief Executive Officer of Omnitech Consultant Group Inc. ("GCO") (TSX VENTURE:GCO) is pleased to announce the signature of a conditional offer for a private placement with Echo Capital FIER Outaouais LLP ("Echo Capital") for investments between $1 and $2 million, through the issuing of a convertible debenture.

The debenture carries a 9% coupon payable semi-annually and matures in five (5) years. The interests are payable in cash or common shares at GCO's discretion. The debenture can be converted at any time at the holder's option, at a conversion price equal to the greater of: (i) $0.10; and (ii) $0,05$ multiplied by the consolidation ratio to be used by GCO in a consolidation of its share capital that could take place as soon as the situation of the corporation will allow. The Board of directors of GCO has not yet approved such a consolidation and the consolidation ratio has not yet been established. As required by the policies of the TSX Venture Exchange inc., the conversion price will increase by 10% per year each year following the second anniversary of the debenture.

The proceeds of the financing will be used as working capital. The financing offer is conditional to a due diligence and the approval of the competent regulatory authorities. As required by the financing offer, GCO commits to open, during the coming year, an office in the city of Gatineau.

"We are very pleased that a financial partner such as ECHO Capital joins the GCO team. It is a demonstration of confidence in the turn-around and the future of our company. With a clean balance sheet and new working capital, GCO is in an excellent position to resume its development", declared Philippe Collard. "We appreciate the opportunity that is given to us to invest in GCO's recovery and to associate the Outaouais region to its future success", affirmed Andre Gauthier, Managing partner of Echo Capital.

Mr. Collard also has the pleasure to announce the nomination of Mrs. Carole Gagnon to the position of Vice-president, Sales and Marketing.

"To mark the end of its financial reorganization, GCO has decided to make a significant organizational change and to regroup all its sales and marketing resources and skills within a centralized group. We are aware that synergies exist amongst our business units and that this new sales and marketing team will maximize as well as accelerate GCO's growth. We are pleased that Mrs. Gagnon, a highly skilled professional, has accepted to join GCO to take on this challenge. The arrival of Mrs. Gagnon marks the beginning of a new phase for the development of our corporation" affirmed Mr. Philippe Collard, Chief Executive Officer of GCO.

Prior to joining GCO, Mrs. Gagnon was General Manager of TeamLog's, a French enterprise that provides advisory services with a sale of 500 millions Euros, where she was responsible for the reorganization of the Canadian division Consultem. She has worked for XEROX Canada for over 13 years as well as for the Gartner Group, an analyst firm for the computing market, where she put in place a service offer targeted at large enterprises.

Mrs. Gagnon is also a board member and co-director of the membership committee of the Quebec chapter of the Financial Women's Association. She is part of the "Women in the Lead" listing that publishes the resumes of 800 Canadian women qualified to sit on board of directors. Mrs. Gagnon holds a master's degree in Science and Administration.

About Omnitech Consultant Group Inc. ("GCO")

GCO is a Canadian leader in performance engineering. GCO offers solutions as a one-stop-shop in engineering, information technology and systems maintenance. GCO is capable of intervening in all aspects of industrial engineering and information technology, thus combining a major and distinctive niche compared with the competition. GCO integrates new technologies or optimizes existing systems by applying cutting-edge expertise currently used in the best practices.

About Echo Capital FIERS Outaouais LLP ("Echo Capital")

Echo Capital is a venture capital fund investing in the start-up and growth of promising companies, principally in the Outaouais region. Echo Capital is accredited by Investment Quebec as being a FIER-Region Regional Economic Intervention Fund development investment fund.

TSX Venture Exchange Inc. assumes no responsibility regarding the relevance or accuracy of this press release.

Contact Information

  • Groupe Conseil Omnitech inc.
    Philippe Collard
    Chief Executive Officer
    Groupe Conseil Omnitech inc.
    Philippe R. Bertrand
    Vice-president, Corporate Affairs