Precision Enterprises Inc.

February 03, 2010 11:50 ET

Precision Continues to Complete Qualifying Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2010) - Precision Enterprises Inc. (TSX VENTURE:PSC.H) (the "Company") announces further to its news release of December 4, 2009 that it expects to complete its proposed business combination with NPTx NeuroPsychoTherapeutics Corporation on or about March 15, 2010, which will constitute the Company's Qualifying Transaction. Concurrently with the closing of the Qualifying Transaction, the Company will complete a financing of 12,000,000 units of the Company, at a price of $0.25 per unit, to raise gross proceeds of $3,000,000, at least $500,000 of which will be completed on a brokered basis through Bolder Investment Partners Ltd.

As the Company did not complete the Qualifying Transaction within the time frame prescribed by the TSX Venture Exchange (the "Exchange"), on February 3, 2010 the Exchange transferred the Company's listing and Tier classification from Tier 2 to NEX. Accordingly the Company's symbol has now been changed from PSC.P to PSC.H.

In accordance with Exchange policies, and as approved by the Company's shareholders at the special meeting held on December 4, 2009, on the transfer of its listing to NEX the Company cancelled and returned to treasury a total of 1,000,000 common shares previously issued to its directors and officers. Accordingly, the Company currently has 6,900,000 common shares issued and outstanding.

Once the Company has filed final closing documentation with the Exchange in respect of the Qualifying Transaction and the financing, and received final Exchange approval, the Company expects to be reinstated as a Tier 2 issuer on the Exchange and trading in the Company's common shares to resume.


Joe DeVries, President and CEO

Certain statements included herein are "forward-looking statements". Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Factors beyond the control of the Company could cause the actual results of operations, or the financial condition of the Company, to differ, including changes to financial and market conditions. The Company assumes no obligation to update forward-looking statements, other than as may be required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Precision Enterprises Inc.
    Joe DeVries
    President and CEO
    (604) 718-2800
    (604) 718-2808 (FAX)