International Technologies Corporation

International Technologies Corporation

March 02, 2005 11:20 ET

International Technologies Corporation Announces Completion of $1.5 Million Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INTERNATIONAL TECHNOLOGIES CORPORATION

TSX VENTURE SYMBOL: ITI

MARCH 2, 2005 - 11:20 ET

International Technologies Corporation Announces
Completion of $1.5 Million Financing

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - March 2, 2005) -
International Technologies Corporation (TSX VENTURE:ITI) ("ITC" or the
"Corporation") announced today that it has completed the closing of its
previously announced private placement financing (the "Private
Placement") of 2,500,000 units of ITC ("Units"), issued at a price of
$0.60 per Unit, for gross proceeds to ITC of $1.5 Million. Each Unit
consists of one (1) common share of ITC and one-half share purchase
warrant, with each whole warrant entitling the holder thereof to
purchase one (1) common share at a price of $0.75 per share until March
1, 2007.

Acumen Capital Finance Partners Limited acted as agent in connection
with the Private Placement and received a commission equal to 7.5% of
the gross proceeds raised and an option to subscribe for 200,000 Units,
exercisable at a price of $0.60 per Unit until March 1, 2007, on the
same terms as those sold pursuant to the Private Placement.

ITC intends to use the proceeds from the Private Placement to further
diversify its product lines by purchasing advanced electronics from its
manufacturing partners in Asia, allowing ITC to continue supplying the
North American marketplace with leading entertainment and communications
technology.

The common shares and warrants issued as part of the Units are subject
to a four-month hold period expiring on July 2, 2005. The number of
currently issued and outstanding common shares of the Corporation is
13,881,064.

About ITC www.itcco.com

International Technologies Corporation (www.itcco.com) is a leading
distributor of computer display devices, sound devices, peripherals and
a variety of other computer/electronic accessories to value-added
resellers (VARs), corporate resellers, system integrators, other
distributors and select computer retailers. ITC's corporate strategy is
to expand its product lines and geographical reach by establishing more
relationships with computer/electronic manufacturers and by making
additional strategic acquisitions. The company holds the exclusive
rights to distribute product to the North American marketplace through
its relationship with Hansol Korea. In addition, ITC has an exclusive
agreement in place to deliver MPIO products to the Canadian market and
holds the rights to distribute to the U.S. market on a non-exclusive
basis.

(Not for dissemination in the United States of America)

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Activ8 Corporate Relations
    Loa Fridfinnson
    (604) 687-2004 or 1-800-303-3367
    Email: ir@itcco.com
    or
    International Technologies Corporation
    Fred Baldwin
    Chief Financial Officer
    1-800-303-3367 or (604)-247-1202
    or
    Brisco Capital Partners
    (403) 262-9888
    Email: investor.info@shaw.ca
    The TSX Venture Exchange Inc. does not accept responsibility for the
    adequacy or accuracy of this release.