Open EC Technologies, Inc.
TSX VENTURE : OCE

Open EC Technologies, Inc.

March 31, 2006 19:31 ET

Open EC Technologies, Inc.: Cancellation of Private Placement

NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 31, 2006) - Open EC Technologies, Inc. (TSX VENTURE:OCE) ("Open EC" or the "Company") announces that it has been unable to complete its private placement previously announced February 17, 2006, pursuant to which the Company intended to issue up to 11,000,000 Units at a price of $0.12 per Unit.

As a consequence, the Company's loans and secured debenture totally US$370,000 are now past due.

The Company will continue to investigate alternative sources of financing to repay the debenture, and to advance the Company's business.

About OpenEC Technologies Inc and its subsidiary SoftCare EC Solutions Inc.

Open EC is a TSX Venture Exchange listed holding company and its subsidiary, SoftCare EC Solutions Inc is an e-business software and solution provider. SoftCare's OpenEC® e-business software includes solutions for Electronic Data Interchange (EDI), Business Process Management and Data Synchronization. The Company sells the OpenEC® products and solutions to the retail supply chain 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.

ON BEHALF OF THE BOARD,

(signed "Martyn A. Armstrong")

Martyn A. Armstrong

President & CEO

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

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 has not in any way passed upon the merits of this news release.

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: investors@softcare.com
    Website: www.openec.com