Open EC Technologies, Inc.
TSX VENTURE : OCE

Open EC Technologies, Inc.

January 19, 2006 19:14 ET

Open EC Extinguishes $1.2 Million of Debt and Elects Director

NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 19, 2006) - Open EC Technologies, Inc. (TSX VENTURE:OCE) ("Open EC" or the "Company"). Further to the Company's news release of October 3, 2005, and to the TSX Venture Exchange announcement of January 5, 2006, Open EC has now issued shares to settle C$1,193,607 in outstanding debt. Of the 11,936,075 common shares issued in the $0.10 per share settlement, a total of 8,280,419 shares were issued to Martyn A. Armstrong, President, CEO and a director of the Company and to holding companies controlled by Mr. Armstrong, and by John A. Versfelt, CFO and a director of the Company ("insider shares"). Of these insider shares, 4,260,419 are held in escrow subject to an escrow agreement between a director, the Company and an escrow agent. Twelve other creditors were issued the remaining 3,655,656 shares. Hold periods for shares issued pursuant to the settlement expire January 16, 2007 for the insiders and May 16, 2006 for the other creditors.

Director Elected

The Company also announces that William E. Thomson was elected to the Company's Board of Directors at the Annual General and Special Meeting of the Shareholders. Mr. Thompson is president of Thomson Associates Inc. and has operated companies in diverse fields including information technology, manufacturing, hospitality, forest products, medical services, financial services, transportation, and tier two automotive supplies. Mr. Thomson brings a wide range of experience to the Company's Board.

On Behalf of the Board of Directors

(signed "John A. Versfelt")

John A. Versfelt

Director & CFO

Further information about the Company can be found on SEDAR (www.sedar.com).

The Exchange has not in any way passed upon the merits of this news release. This news release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.


Contact Information

  • Open EC Technologies, Inc.
    Mr. Martyn A. Armstrong
    President & CEO
    (604) 983-8083
    or
    Open EC Technologies, Inc.
    Mr. John A. Versfelt
    CFO and Director
    (604) 983-8083
    (604) 983-8056 (FAX)
    Email: info@softcare.com
    Website: www.softcare.com