Inovision Solutions Inc.

Inovision Solutions Inc.

June 24, 2005 09:00 ET

Inovision Closes First Part of $750,000 Short Form Offering

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 24, 2005) - Inovision Solutions Inc. (TSX VENTURE:IVS) is pleased to announce that it has closed part of an Agency Offering of 3,000,000 Units under a Short Form Offering Document dated effective June 3, 2005. Pursuant to the Offering, 2,483,500 Units were sold providing Inovision with net proceeds of $562,180.25 after deduction of Agent's fees and other customary expenses of the Agent associated with the Offering. Under the Offering, 100,000 Units were subscribed for by members of a Pro-Group and 60,000 Units were subscribed for by Insiders of Inovision. The 160,000 units were therefore issued subject to a hold period expiring October 23, 2005.

The securities of Inovision remain in primary distribution under the Company's Short Form Offering Document until such time as the maximum amount of the Offering being 3,000,000 Units have been sold. The unsold portion of the Offering is 516,500 Units which may be sold by the Agent under the Short Form Offering Document until the date the Short Form Offering Document expires on August 2nd, 2005.

At the first Closing, Inovision issued 40,000 shares to the Agent, Canaccord Capital Corporation, as a Corporate Finance fee and non-transferable Agents Warrants of 248,350. The corporate finance shares and the Agent's Warrants were issued subject to a four month hold period expiring October 23, 2005. Each warrant is exercisable to purchase one full share of Inovision for a period of one year at a price of $0.35 per share.

Concurrently with this release, Nevada Geothermal Power Inc., the Operator of the Exploration Program on the Pumpernickel Geothermal Property located in Humboldt County, Nevada, announced that it has commenced the first phase of the Exploration Program recommended on the Pumpernickel Geothermal prospect. The Program consists of a 3D "E-SCAN", resistivity survey which will be utilized to map the deep geothermal source waters feeding surface hot springs. Results are expected in four weeks. Subsequently a series of six 250-meter (820 foot) gradient wells will be drilled to test the interpretation of the E-SCAN survey.

The US Department of Energy (DOE) will fund 80% of the initial field evaluation program of the Pumpernickel Project. The DOE cost share is US$592,272 of the total budget of US$740,340. Inovision will cover the remaining share of the program estimated to cost US$148,068.

Subject to favorable results being obtained from the first phase exploration program, a second phase program is planned. The second phase program will consist of the drilling of a deep core hole to a nominal depth of 1200 meters (3900 feet) to confirm the resource and perform flow and injection tests.

A near-boiling hot spring occurs on the Pumpernickel leases. The chemistry of several hot springs, which occur along a one-mile interval of a prominent fault, predicts geothermal source-water temperature of 170 degrees C (340 degrees F). Geothermal fluids at 140 degrees C - 180 degrees C (280 degrees F - 355 degrees F) are currently used to produce electricity on a commercial basis at other locations in Nevada such as Steamboat, Brady's Hot Springs, Beowawe and Desert Peak.

Inovision's rights to participate in the development of the Pumpernickel Property were acquired under an agreement dated October 12, 2004 entered into with Nevada Geothermal Power Inc., a TSX Exchange Listed Issuer. Nevada Geothermal Power Inc. is the Operator of the Program. Additional information regarding the Exploration Program may also be obtained from announcements made by Nevada Geothermal Power Inc.

On behalf of the Board of Directors,

Daniel G. McGee, President

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration in available.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Inovision Solutions Inc.
    Daniel G. McGee
    (604) 683-0332 or (800) 563-5631