Open EC Technologies, Inc.
TSX VENTURE : OCE

Open EC Technologies, Inc.

May 25, 2011 20:20 ET

Open EC Technologies, Inc. Closes a $492,000 Non-Brokered Private Placement and Repays $300,000 of Debenture Debt

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 25, 2011) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) has received final acceptance from the TSX Venture Exchange and closed a non-brokered private placement, previously announced on April 6, 2011, for 6,150,000 units priced at $0.08 each for a gross proceeds of $492,000. Each unit consists of one (1) common share of the Company and one half (1/2) share purchase warrant. Each full warrant will entitle the holder to acquire one (1) full common share of the Company at a price of $0.12 per share for a period of one year from the date of issue. There will be a hold period of the issued securities of 4 months from the date of issue. The CEO and CFO of Open EC participated in 4,150,000 units of the financing.

A finder's fee of $6,880 will be paid to non-brokers in connection with the private placement. The Company will also pay a broker commission of 8% or $1,920 cash and 8% or 24,000 broker warrants. Each broker warrant entitles the holder to acquire common share of the Company at a price of $0.08 per share for a period of one year from the date of issue. They will have a hold period of 4 months from the date of issue.

On April 1, 2011, the Company announced a debenture financing of $700,000. The 3,500,000 warrants issued as part of the financing were subject to a 4 month hold period from date of issue. In addition, the warrants were to be reduced or cancelled on a pro rata basis if the loan is reduced or paid out in the first year. As the Company has now reduced the debenture by $300,000, 1,500,000 warrants will be cancelled. The remaining amount of the debenture is $400,000 and 2,000,000 warrants remain outstanding.

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, services and solution provider. SoftCare's OpenEC® TradeLink e-business software includes solutions for Electronic Data Interchange (EDI), Healthcare Interoperability and Business Process Management. The Company sells the OpenEC® products and solutions to the healthcare, financial services and retail supply chain in North America. The company has a growing focus on turnkey solutions for US Healthcare Information Technology Reforms funded by the US Federal Government ARRA programs for Healthcare IT Interoperable mandates. Additional product and solution information is available on the web at www.SoftCareHealthcare.com, www.iPlexus.net and 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) or by contacting Mr. Martyn A. Armstrong, President & CEO 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.

Contact Information