Open EC Technologies, Inc.
OTC Bulletin Board : OCEIF

Open EC Technologies, Inc.

August 15, 2007 12:35 ET

Open EC Technologies, Inc. Appoints Michael Chen, MBA, CPA, Appointed as Chief Financial Officer and Announces Grant of Stock Options

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2007) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) (PINK SHEETS:OCEIF) is pleased to announce the appointment of Michael Chen, MBA, CPA as Chief Financial Officer ("CFO") of the Company effective September 1, 2007.

Mr. Chen is a results-oriented and energetic leader, a skilled communicator with experience liaising with board of directors, banks and auditors. He is a team builder with hands-on experience in North America-China financial management. He is a U.S. CPA, has an MBA and has extensive experience with three Fortune 500 companies as well as several start-up companies. Mr. Chen has the proven ability to work in cross-culture environments in multinational locations for various types of industries.

Mr John Versfelt, the current CFO of the Company, will be resigning in his position as CFO but will continue to be an independent member of the Board of Directors for the Company. The Company thanks Mr. Versfelt for his important contribution to our successes over the years.

Martyn Armstrong states, "The CFO management changes are a reflection of our successful business development activities in China. Mr Chen's experience in Canada-China financial management, operations integration and M&A provides additional specialized strengths to our management team."

Mr. Chen is fluent in English and Chinese Mandarin language. He has intimate working knowledge of the complex issues of North America and Chinese business integration, including, financial reporting, M&A, financing and business leadership.

Mr. Chen has held senior financial management positions with North American public companies, including serving as CFO at Commander Resources, Precision Assessment Technology and Spur Ventures, director and interim CFO at WEX Pharmaceuticals, and a range of financial management and planning positions with Kodak Graphics Communications Group (formally, Creo Inc.), Goodrich Corporation Aerostructures Group and Honeywell International.

Valentis Capital Stock Option Grant

The Company granted additional stock options as an extension of the previously announced, April 17, 2007 Investor Relations Agreement with Valentis Capital Corp. ("Valentis") to assist in the development and implementation of an Investor Relations Program.

Based in Calgary, Alberta, Valentis provides media and investor relations services. The Company shall grant an option to Valentis to acquire up to an additional 150,000 shares of the Company at $0.20 per share, pursuant to the terms and conditions of the Company's Stock Option Plan.

Valentis will strive to increase investor awareness of Open EC by assisting in the development of a program for timely and effective communication. The program will include timely press releases, news letters and web reports setting out the Company's progress and performance. It will facilitate the exchange of information between the investment community and Company representatives, subject to regulatory rules and the Company's corporate disclosure policies, through the company's web site and other media platforms that will highlight developments within the Company.

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 and additional public company information is available on the web at The Company's common shares trade on the TSX Venture Exchange under the symbol: OCE.

On Behalf of the Board of Directors

Martyn A. Armstrong, President & CEO

Further information about the Company can be found on SEDAR ( or by contacting either, Mr. Martyn A. Armstrong, President & CEO of the Company or Mr. John A. Versfelt, CFO and a Director of the Company.

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.

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

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