$2,000,000 Non-Brokered Private Placement Announced
Vancouver, August 14, 2007 - Zecotek Medical Systems Inc. (TSX-V: ZMS; Frankfurt: W1I) today announced that the Company has arranged for a non-brokered private placement of 1,250,000 units of the company at a price of $1.60 per unit for gross proceeds of $2,000,000.
Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at an exercise price of $2.00 per common share for a period of 18 months after the date the private placement closes.
Pursuant to the financing, the Company will pay a finder’s fee equal to 5% of the gross proceeds of the sale of the Shares and issue non-transferable finder’s warrants to purchase common shares equal in number to 5% of the units sold under the private placement. Each finder’s warrant will entitle the holder to purchase one Share at $2.00 for a period of 18 months after the date the private placement closes.
The common shares and warrants issued pursuant to the offering will be subject to a four-month hold period. The private placement is subject to acceptance for filing with the TSX Venture Exchange.
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Zecotek Medical Systems (TSX-V: ZMS; Frankfurt: W1I) is a bio-photonics technology company developing high-performance crystals, photo detectors, medical lasers, optical imaging and 3D display technologies for commercial applications in the medical diagnostics and high-tech industry. Founded in 2003, the company has three distinct operating divisions: medical imaging, medical lasers and 3D display and labs located in Canada, Singapore and Russia. Zecotek commercializes its novel, patented and patent-pending bio-photonic technologies directly and through strategic alliances and joint ventures with multinational OEMs, distributors and other industry leaders.
This press release may contain forward-looking statements that are based on management’s expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what may have been stated. For additional information on Zecotek Medical Systems and our technologies please see our website at Zecotek Photonics.
For additional information please contact:
Zecotek Medical Systems, Inc.
CFO; VP Corporate Development
T: (604) 827-5203
Caliber Capital Partners
T: (778) 327-6678
E: [email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. If you would like to receive news from Zecotek in the future please visit the corporate website at Zecotek Photonics.