Labrador Technologies Inc.

Labrador Technologies Inc.

August 14, 2009 11:57 ET

Labrador Technologies Inc. Announces Termination of Previously Announced Private Placement Financing and Initiates a New Private Placement Financing

CALGARY, ALBERTA--(Marketwire - Aug. 14, 2009) -


Labrador Technologies Inc. ("Labrador") (TSX VENTURE:LTX) announces that negotiations have lapsed and that it has determined not to proceed with the non-brokered Private Placement for up to 40,000,000 units of Labrador at a price of $0.05 per unit, for gross proceeds of up to $2,000,000, previously announced in Labrador's Press Release dated June 9th, 2009.

Labrador also announces that it is initiating a new non-brokered Private Placement Financing for up to 15,000,000 units of Labrador, at a price of 10 cents per unit, for gross proceeds of up to $1,500,000. The units will consist of common shares at a price of 10 cents per share, and 1/2 share warrants at 20 cents per share, exercisable for 1 year. Labrador requires the proceeds to eliminate its current working capital deficiency, and for the ongoing development and marketing of its suite of software products, especially Labrador® eTriever®.

The Private Placement is subject to the approval of the TSX Venture Exchange Inc. (the "TSXV")

Labrador eTriever ( is a secure, web-based, cost effective, generic data retriever, which thrives in complex database environments, such as the oil and gas industry. As a web-based offering, eTriever requires no installation, no CD updates, and no maintenance, while providing "minimal-clicks" for searching, reporting, and exporting capabilities. eTriever employs both Microsoft®'s Virtual Earth and Google® Map to view satellite imagery mapping. Importantly, eTriever™ goes well beyond conventional oil and gas web access to provide wireless data retrieval for proven handheld devices, such as Blackberries®, Palm® Treos™, Microsoft Windows Mobile™ Smart Phones, and when available Apple's iPhone.

ADVISORY: Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates", and similar expressions, are forward-looking statements that represents management of Labrador's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Labrador. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Labrador's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Labrador's filings with the Canadian securities authorities. Accordingly, holders of Labrador's shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Labrador disclaims any responsibility to update these forward-looking statements except as required by applicable securities legislation.

Neither TSX Venture 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.

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