Radiant Energy Corporation

Radiant Energy Corporation

July 16, 2008 10:40 ET

Radiant Energy Corporation Conditionally Settles Debt for Shares and Cash

TORONTO, ONTARIO--(Marketwire - July 16, 2008) - Radiant Energy Corporation, ("Radiant" or the "Company")(TSX VENTURE:RDT), the developer and marketer of radiant de-icing systems, announced that it has agreed with the main lender of its Series A convertible debentures to settle the outstanding principal and interest, totaling US$803,842, by a payment of US$250,000, the issuance of 4,140,279 common shares of the Company, and issuing 2,070,140 warrants to the lender, with each warrant entitling the holder to purchase one common share of Radiant for Cdn$0.20 until June 30, 2010. The completion of this settlement is conditional on acceptance by the TSX Venture Exchange. It is anticipated that the transaction will close before the end of July 2008.

"The settlement of this debt is a key element in further reducing the Company's debt and restructuring the balance sheet to allow for future growth", commented Larrie Shepherd, President Chief Executive Officer.

About Radiant Energy Corporation

Radiant is the developer and marketer of Radiant Deicing Systems. The Company's product is the only non-glycol based alternative approved by the US Federal Aviation Administration for the pre-flight ground deicing of aircraft. Aircraft deicing with Radiant's technology offers savings to airports and airlines over the use of conventional glycol-based deicing systems, reducing aircraft treatment costs and significantly reducing the negative impact of glycol on the environment.

This press release contains "forward-looking statements", including statements regarding the business and anticipated financial performance of Radiant Energy Corporation, which involve risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements, regarding financial and business prospects and financial outlook) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in general economic and market conditions, changes to regulations affecting the Company's activities, and uncertainties relating to the availability and costs of financing needed in the future. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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

Contact Information

  • Radiant Energy Corporation
    Larrie Shepherd
    President and Chief Executive Officer
    (416) 922-8778