Open EC Technologies, Inc.

Open EC Technologies, Inc.

October 21, 2008 17:48 ET

Open EC Technologies Inc. Receives TSX Venture Exchange Final Acceptance of the Asset Purchase Agreement to Acquire Assets of Mala Ventures Inc.

NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2008) - Open EC Technologies, Inc. ("OpenEC" or "the Company") (TSX VENTURE:OCE) is pleased to announce that it has received final acceptance from the TSX Venture Exchange of the asset purchase agreement to acquire certain intellectual property, source code, licensing and trademarks from Mala Ventures Inc. previously announced on October 29, 2007.

The Company will pay Mala Ventures Inc. $66,304 and issue 2,000,000 Units. Each Unit consists of one share and one warrant. Each warrant is exercisable into one share at a price of $0.205 for a period of two years from October 15, 2008.

About Open EC Technologies Inc.

Open EC Technologies Inc. ("OCE") is a TSX Venture Exchange listed holding company specializing in the acquisition of software companies in e-business, mobile business and business to business (b2b) commerce. Our subsidiaries, SoftCare EC Solutions, , and Headware Shenzhen Software, provide software solutions to customers throughout North America and Asia. With over 400 employees in the OpenEC Group of companies we deliver global innovative software solutions to mid market through fortune 100 companies.


Michael Chen, CFO

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. Michael (Gong) Chen, CFO of the Company.

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.

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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