Streetlight Intelligence Inc.
TSX VENTURE : SLQ

Streetlight Intelligence Inc.

January 29, 2008 21:02 ET

Streetlight Intelligence Inc. Announces Continuation of Restructuring

VICTORIA, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2008) - Streetlight Intelligence Inc. (STI)(TSX VENTURE:SLQ) (the "Corporation") today announced that despite best efforts, the Corporation has been unable to complete the previously announced $3,000,000 private placement of common shares at a purchase price of $0.50, due to weak market conditions and the current trading price of the common shares of the Corporation. As a result of the foregoing, the Corporation is currently experiencing a significant working capital deficiency.

The board of directors, in conjunction with management of the Corporation, are continuing to investigate and review different strategic alternatives for obtaining financial resources needed to continue operations of the Corporation and maximize shareholder value. In conjunction therewith the Corporation is currently considering a full range of possible transactions or restructuring alternatives available to the Corporation including alternative financings, joint venture arrangements, the sale of certain or all of the Corporation's assets, the merger of the Corporation with a larger entity, or if unsuccessful, seeking creditor protection under applicable legislation.

In addition to the foregoing, the Corporation has also implemented cost-saving measures with an attempt to reduce monthly expenses by over 50%.

Streetlight Intelligence Inc. is a public company listed on the TSX Venture Exchange (trading symbol: SLQ). STI designs, manufactures and markets products and services for the street light industry. STI's proprietary Lumen IQ™ technology allows street lights to be remotely turned on/off or dimmed at specified times, which results in significant energy savings and reductions in greenhouse gas emissions and light pollution. The Lumen IQ™ network also immediately identifies malfunctioning streetlights allowing substantial maintenance cost savings. For more information, access www.StreetlightIQ.com.

Forward Looking Statements

Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

Contact Information

  • Investor Relations:
    Streetlight Intelligence Inc.
    Donald A. Cleland
    (250) 544-0147 ext. 240
    Website: www.StreetlightIQ.com