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

Open EC Technologies, Inc.

June 05, 2006 08:30 ET

Open EC Technologies, Inc. Closes Private Placement

NORTH VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 5, 2006) - Open EC Technologies, Inc. (TSX VENTURE:OCE) (OTCBB:OCEIF) ("Open EC" or the "Company") is pleased to announce that it has received TSX Venture Exchange approval and has closed its private placement of 13,333,333 units at a price of $0.075 per unit. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.15 per share for a period of two years from the date of issue. The $1,000,000 raised will be used for general working capital and to settle debts with arms length third parties. The Company paid broker's commissions of 8% cash on the amount placed with subscribers and Broker's Warrants entitling the brokers to acquire up to 747,200 units of the company, each unit consisting of one share and one warrant, both exercisable at $0.10 per share. The warrants are exercisable for two years from closing. The Company also paid a finders fee to an arm's length party of 58,667 shares and a warrant to purchase an addition 29,333 shares at $0.15 per share. The hold period for the issued securities expires on October 5, 2006.

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,

"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
    (604) 983-8056 (FAX)
    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