Vancouver, BC, October 13, 2006--(T-Net)--AccelRate Power Systems, a leader in "High-Speed" battery chargers, announced today that it has arranged to sell 843,334 Units by way of a non-brokered private placement at the price of $0.30 per Unit, to raise gross proceeds of approximately $253,000. Each Unit will consist of one common share and one non-transferable share purchase warrant. Each warrant will be exercisable to acquire one additional common share of the Company for $0.35 for one year after closing.
No "control persons" (as defined in Policy 4.1 of the TSX Venture Exchange) or new insiders will be created as a result of the private placement.
"We require an infusion of capital at this time to provide AccelRate with the working capital needed to operate its business, launch new products and execute its sales and marketing efforts," stated Reimar Koch, President and Chief Executive Officer of AccelRate.
The private placement is subject to acceptance of the TSX Venture Exchange.
AccelRate's proprietary charging technology functions effectively with batteries of all conventional chemistries and sizes in industrial, portable, power tool, military and transportation applications. AccelRate's technology provides customers with up to 80% decreased charging time, increased battery lifetime due to improved heat management, and decreased energy use. AccelRate SC "High-Speed" battery chargers are commercially available today for the motive power market.
AccelRate 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