Precision Enterprises Inc.

December 04, 2009 13:05 ET

Precision Receives Conditional Acceptance of Qualifying Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2009) - Precision Enterprises Inc. (TSX VENTURE:PSC.P) (the "Company") is pleased to announce that, further to its news release of October 5, 2009 confirming the posting on SEDAR ( of its Filing Statement dated September 28, 2009, the TSX Venture Exchange (the "Exchange") has provided conditional acceptance of the Company's proposed business combination with NPTx NeuroPsychoTherapeutics Corporation ("NPTx"), which will constitute the Company's Qualifying Transaction.

The conditional acceptance of the Exchange is subject to the following conditions: (1) closing of a concurrent 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 is to be completed on a brokered basis through Bolder Investment Partners Ltd.; (2) satisfactory Exchange review of the placees participating in the financing; (3) receipt of acceptable final closing documentation in respect of the Qualifying Transaction; (4) filing with the Exchange and on SEDAR of the interim financial statements of NPTx for the period ended July 31, 2009 together with an auditor's comfort letter thereon; and (5) confirmation that the distribution requirements will be met on closing of the Qualifying Transaction.

Further details regarding the financing are provided in the Company's news release of August 14, 2009.

The Qualifying Transaction is scheduled to close on or before January 15, 2010 and remains subject to final Exchange approval.


"Joe DeVries"

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)