Vancouver, BC, May 23, 2007--(T-Net)--AccelRate Power Systems, a technology leader in "High-Speed" battery chargers, announced that it has completed the non-brokered private placement of 1,060,545 units announced on April 12, 2007, realizing gross proceeds of $233,320. Each Unit is comprised of one common share and one-half warrant, each whole warrant exercisable to purchase one additional common share in the capital of the Company at $0.27 until April 23, 2008. Finder's fees of $5,786 were paid in cash pursuant to this private placement.
All shares issued in connection with the private placement and any shares issued on exercise of warrants comprised in those units will be subject to a four month hold period expiring August 24, 2007.
Proceeds from the placement will be used as the working capital for the operation of the Issuer's business, launch new products and execute its sales and marketing efforts.
AccelRate's proprietary charging technology functions effectively with batteries of all conventional chemistries and sizes in industrial and transportation applications. AccelRate's technology provides customers with up to 80% decreased energy use. AccelRate? SC "High-Speed" battery chargers are commercially available today for the motive power market.
AccelRate Power Systems is headquartered in Vancouver, BC. AccelRate's shares trade on the TSX Venture Exchange (symbol APS), and on the Frankfurt Exchange (symbol KCG).
For further information contact:
Reimar Koch (604) 688-8656
Email: info@accelrate.com
Website: www.accelrate.com