Vancouver, BC, February 22, 2008--Contec Innovations (TSX VENTURE:BUZ), a mobile service provider, today announced a non-brokered private placement offering to raise gross proceeds of up to C$1,200,000. Under the terms of the private placement, Contec will offer for sale a maximum of 12,000,000 common shares at C$0.10 per Share.
The Shares issued upon the closing of the private placement are subject to a four-month hold period. The private placement is scheduled to close on or about February 28, 2008, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
Contec has signed a loan agreement with an officer of the Company for working capital purposes at commercial lending rates to be repaid at the closing of the above-mentioned financing.
About Contec Innovations Inc.
Contec Innovations Inc. (TSX VENTURE:BUZ) operates the BUZmob(TM) mobile publishing service. BUZmob delivers digital content to mobile users on any device, on any network, anywhere in the world. BUZmob is powered by Contec's Hornet(TM), a mobile data infrastructure solution that accelerates the creation and rollout of mobile data services. Headquartered in Vancouver, Canada, Contec has a sales and support office in Beijing, China. For more information: www.contec.ca or www.buzmob.com.
This press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the company's expectations.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein.
Contact:
Don M. Lay
Contec Innovations Inc.
President & CEO
(604) 468-5631
Email: don.lay@contec.ca
Asa Zanata
Contec Innovations Inc.
Media Relations
(604) 408-1389
Email: azanatta@spiritcommunications.ca
Website: www.contec.ca or www.buzmob.com
Judy-Ann Pottinger
Ascenta Capital Partners Inc.
Investor Relations
(604) 684-4743 ext.238 or 1-866-684-4743
Email: judy-ann@ascentacapital.com