Leo Acquisitions Corp. Announces Closing of Initial Public Offering

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2011) - Leo Acquisitions Corp. (the "Company") is pleased to announce that it has completed its initial public offering ("IPO") through its agent, Union Securities Ltd. ("Union"), of 5,740,500 common shares at a price of $0.10 per common share for total gross proceeds of $574,050 pursuant to a prospectus dated November 4, 2010 (the "Prospectus"). The Company has received conditional acceptance to be listed as a capital pool company on the TSX Venture Exchange (the "TSXV"). The common shares of the Company are expected to commence trading on the TSXV at the opening of market on or about February 7, 2011 under the trading symbol "LEQ.P". As consideration for its role as agent, the Company granted to Union, and its syndication of agents, a non-transferable option to purchase up to 574,050 common shares of the Company at a price of $0.10 per common share for a period of 24 months from the date the Company's common shares are listed on the TSXV. In addition, Union received a cash commission equal to 10% of the gross proceeds of the offering and a corporate finance fee of $10,000.

As a result of the closing of this offering, the Company now has 7,740,500 common shares issued and outstanding (2,000,000 of which are subject to escrow restrictions), 574,050 reserved for issuance upon the exercise of the options granted to Union and its syndicate of agents, and 774,050 common shares reserved for issuance upon the exercise of stock options, which stock options were granted to officers and directors following closing of the IPO. The escrowed shares will be released in accordance with applicable TSXV policies. 

The net proceeds from the IPO will be used by the Company to identify and evaluate assets or businesses for acquisition with a view to completing a Qualifying Transaction, as disclosed in the Prospectus.

The Company's board of directors and management team is comprised of the following individuals: Gerald Goldberg (President, Chief Executive Officer and Director), Warren Goldberg (Chief Financial Officer, Secretary and Director), Michael Newman (Director), Phil Droznika (Director), Rong Catherine Lu (Director) and Richard Brown (Director).