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

Open EC Technologies, Inc.

August 09, 2007 18:50 ET

Open EC Technologies, Inc. Receives TSX Venture Exchange Final Acceptance of $633,000 Non-Brokered Private Placement

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2007) - Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX VENTURE:OCE) (OTCBB:OCEIF) has received final acceptance from the TSX Venture Exchange for the C$633,000 non-brokered private placement first announced on June 25, 2007.

The Company will issue 3,165,000 units consisting of one common share of the Company and one common share purchase warrant. Each Warrant entitles the holder to purchase an additional common share of the Company at a price of $0.40 for a period of 12 months ending December 9, 2007. 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. Shares issued and any warrant shares that may be issued pursuant to the offering, are subject to a hold period which expires December 9, 2008.

Martyn A. Armstrong, President, CEO and a director of the Company acquired 875,000 units of the placement.

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
    (604) 983-8083
    (604) 983-8056 (FAX)
    Email: investors@softcare.com
    Website: www.openec.com