Open EC Technologies, Inc.
TSX VENTURE : OCE
OTC Bulletin Board : OCEIF

Open EC Technologies, Inc.

July 18, 2007 20:30 ET

Open EC Technologies, Inc. Announces Closing of $695,000 Non-Brokered Private Placement

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2007) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE)(OTCBB:OCEIF) is pleased to announce it has closed its non-brokered private placement previously announced on June 25, 2007 for 3,475,000 Units repriced at $0.20 per unit for gross proceeds of $695,000. Each unit consists of one common share of the Company and one share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.40 per share for a period of one year from the date of issue. The warrant exercise period may be accelerated if after the 4 month hold period the Company's average share closing price on the Exchange is equal or greater than $0.60 for no less than 10 consecutive trading days, thereafter the warrant holder will have at least 20 business days to exercise the warrants. The closing is subject to final approval from the TSX Venture Exchange.

A finder's fee will be paid in connection with the private placement, in accordance with Exchange policies. The private placement proceeds will be used for acquisition expenses and for general working capital.

About Open EC Technologies Inc.

Open EC is a TSX Venture Exchange listed company. Its subsidiary, SoftCare EC Solutions Inc., is an e-business software and solution provider. SoftCare's Open EC® e-business software includes solutions for Electronic Data Interchange (EDI), Business Process Management and Product Information Management (PIM). The Company sells the Open EC® products and solutions to the retail supply chain, healthcare, financial services and government agencies in North America. Additional product and solution information is available on the web at www.softcare.com and additional public company information is available on the web at www.openec.com. The Company's common shares trade on the TSX Venture Exchange under the symbol: OCE.

ON BEHALF OF THE BOARD

Martyn A. Armstrong, President and CEO

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

Trading in the securities of Open EC should be considered speculative. The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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