Vancouver, BC, October 31, 2006--(T-Net)--AccelRate Power Systems, a technology leader in "High-Speed" battery chargers, announced that it has completed the non-brokered private placement of 878,334 units announced on October 12, 2006, realizing gross proceeds of $263,500. Each Unit is comprised of one common share and one warrant exercisable to purchase one additional common share in the capital of the Company at $0.35 until October 27, 2007.
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 February 27, 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, portable, power tool, military 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