Vancouver, Canada, June 22, 2007 -- Contec Innovations Inc. (TSX-V: BUZ), a provider of mobile infrastructure software, today announced it has received $928,100 from the exercise of 6,187,335 share purchase warrants at 15 cents, representing 87% of the 7,111,167 outstanding warrants that expired June 16, 2007. The remaining 923,832 unexercised warrants have now expired. Proceeds from the exercise of the warrants have been added to working capital.
Contec today also announced changes to its management team to reflect its emphasis on sales and marketing for China and to advance opportunities in the mobile publishing arena. Oren Friedman has been promoted to VP, Marketing and Business Development. Mr. Friedman will have responsibility for product management, BUZmob business development, marketing and partnerships. "Oren joined us last summer and has been a driving force in getting the Hornet-powered BUZmob mobile publishing business to market," said Don Lay, Contec CEO. "This new role reflects his expanded responsibilities to drive this segment of our business," he added.
Mr. Friedman has over a decade of software and telecommunications industry experience. Before recently settling in Canada he worked and lived in the Middle East, the United States and Europe and has held roles in product management and business development with technology providers PureSight Inc. (acquired by Boston Communication Group, NASDAQ: BCGI), Commtouch Inc. (NASDAQ: CTCH) and TTI Telecom (NASDAQ: TTIL). Mr. Friedman holds an MBA from the Stern Business School at New York University and an LL.B. degree in Law from Tel-Aviv University.
Sun Hua has been appointed to General Manager, China and is now responsible for leading all sales & marketing thrusts of Contec's Chinese operations, based in Beijing. Sun, who joined Contec in March of this year, is a 13-year veteran of Ericsson China, a unit of Ericsson AB, the world's leading mobile infrastructure provider.
ON BEHALF OF THE BOARD OF DIRECTORS OF CONTEC INNOVATIONS
"Don Lay"
CEO
About Contec Innovations
Contec Innovations Inc. (TSX-V: BUZ) develops and markets Hornet(tm), a mobile data infrastructure solution that accelerates the creation and rollout of mobile data services. BUZmob(tm) is a Hornet-powered publishing service for mobilizing Internet content for news agencies, media companies, blog platforms and social networks. BUZmob(tm) provides publishers a simple, web-based solution to deliver digital content to mobile users on any device, on any network, anywhere - without requiring them to download software. Contec is headquartered in Vancouver, Canada and has a sales and support office in Beijing, China. www.contec.ca or www.buzmob.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. The statement made in 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. Hornet(tm) is a trademark of Contec Innovations Inc.
For more information, please contact:
Brian Buckley, Contec Investor Relations
Tel: 604-468-5638 or 1-888-552-0360
brian.buckley@contec.ca