QCC Technologies Inc.
TSX VENTURE : QCC

QCC Technologies Inc.

September 20, 2005 18:32 ET

QCC Technologies Inc. Enters Letter of Intent to Acquire Mesken Contracting Limited

CALGARY, ALBERTA--(CCNMatthews - Sept. 20, 2005) - QCC TECHNOLOGIES INC. (the "Corporation") (TSX VENTURE:QCC) is pleased to announce that it has entered into a letter of intent dated September 20, 2005 pursuant to which it intends to purchase all of the issued and outstanding common shares of Mesken Contracting Limited ("Mesken"). The proposed acquisition is an arm's length transaction and is in addition to the proposed acquisition of Calgary Septic Co. Ltd. announced on August 30, 2005.

Mesken is a construction company based in Okotoks, Alberta that has specialized in oilfield site preparation and reclamation as well as highway and subdivision construction since 1982.

The entering into of a definitive agreement providing for the proposed acquisition of Mesken is subject to the completion of due diligence on behalf of the Corporation and Mesken and the approval of the proposed acquisition by the boards of directors of the Corporation and Mesken.

Grant of Stock Options

Concurrent with the completion of the acquisition of Mesken, the Corporation proposes to grant incentive stock options, subject to the approval of the TSX Venture Exchange (the "Exchange"), to employees and consultants of Mesken, to acquire up to 450,000 common shares of the Corporation. The Corporation hereby reserves $1.50 as the exercise price for such stock options.

Completion of the proposed acquisition is subject to a number of conditions, including but not limited to, Exchange acceptance and, if applicable pursuant to Exchange requirements, disinterested shareholder approval. Where applicable, the proposed acquisition cannot close until the required shareholder approval is obtained. There can be no assurance that the proposed acquisition will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the proposed acquisition, any information released or received with respect to the proposed acquisition may not be accurate or complete and should not be relied upon. Trading in the common shares of the Corporation should be considered highly speculative.

The Exchange has in no way passed upon the merits of the proposed acquisition and has neither approved nor disapproved of the contents of this press release.

The TSX Venture Exchange does not accept responsibility for the accuracy or adequacy of this release.

Contact Information

  • QCC Technologies Inc.
    Sid Dutchak
    President and CEO
    (403) 242-6041