NEWSCENTER
PRESS RELEASE:
POWER TECH CORPORATION
INC.
PRESS RELEASE
POWERTECH ANNOUNCES THE SIGNING OF AN INTERIM
AGREEMENT FOR A PRIVATE FINANCING OF $1.5 MILLION
The financing proceeds would enable
the Company to further intensify its commercialization activities
Blainville (Quebec),
Tuesday, July 12, 2005 – Mr. Carol Murray,
President and Chief Executive Officer of Power Tech Corporation
Inc. "PowerTech" or “the Company” (TSX-V:
PWB), announces that the Company has signed an interim agreement
with the intent of closing a private financing of $1.5 million
with the company SIPAR Inc. "SIPAR" by July 31,
2005.
This financing, conditional on
the approval of regulatory authorities and the results of a
due diligence audit by SIPAR, would result in the issuance
of a convertible debenture providing an interest rate of 12.95%
and expiring July 31, 2010. The debenture would be convertible
at any time into Company units at an initial price of $0.73
per unit, or at a revised price to reflect the stock value
at the closing of this financing. Each unit would be comprised
of one PowerTech common share and an equity warrant. The conversion
price would increase according to the minimum provisions set
out by the stock exchange.
The financing proceeds would
allow PowerTech to further intensify its commercialization
activities in the coming months, particularly in Canada and
the United States. Using patented technology, PowerTech has
developed a multifunctional bucket that can be used to carry
out excavation, demolition, backfilling and compacting work
far more efficiently than traditional equipment. The buckets
are shovels located at the end of the mechanical arms of backhoes, "backhoe
loaders", on excavators and mini-excavators.
About PowerTech (www.powertechci.com)
PowerTech specializes in developing,
integrating and commercializing leading edge technologies allowing
substantial performance, productivity and functionality improvements
in excavation equipment and systems for the general construction
industry and several other applications in the aluminum, mining,
tunnel digging, forestry, archeology and military sectors.
* The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy
or accuray of this press release.
-30-
Source:
Power Tech Corporation Inc.
www.powertechci.com
For further information:
Mr. Carol Murray
President and Chief Executive Officer
Power Tech Corporation Inc.
Tel.: (450) 419-5400
Fax: (450) 419-5411
carol.murray@powertechci.com
Frédéric Tremblay
HKDP
Tel.: (514) 395-0375, ext. 234
ftremblay@hkdp.qc.ca
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