Vancouver, BC, March 10, 2005--Optimal Geomatics Inc., TSXV: OPG, a geomatics service and software provider to the powerline and pipeline utility sector is pleased to announce that it has closed its previously announced private placement for gross proceeds of $1,928,625 by the sale of 7,714,500 common shares at a price of $0.25 per share. The proceeds will be used for general working capital.
The hold period of 4 months will expire July 5, 2005.
Colum Caldwell, President, and CEO of Optimal commented, "The close of this most recent private placement is an extremely positive indicator for the Company. There were twenty seven participants, the majority of whom were new investors and long term shareholders. This new injection of working capital will enable the Company to move forward in its corporate objectives."
Optimal Geomatics specializes in providing highly accurate geomatic services and software to a customer-base, which is primarily composed of Electric powerline and Gas pipeline utilities. Geomatics is best described as the acquisition, storage, management, retrieval, manipulation, and distribution of spatial or geographically referenced data. Optimal employs a number of acquisition systems, including its proprietary technology, for aerial data acquisition, and applies innovative technology, techniques, and expertise for in-house processing. The Company's unique mapping products and services help utilities reduce cost, improve efficiency, and better-manage their assets by turning raw data into highly valuable geospatial information and engineering reports. Optimal's customers include many of the major utilities across the United States and the United Kingdom.
For more information visit our website www.optimalgeo.com
This document may contain forward-looking statements. These statements present management's expectations, beliefs, plans, and objectives regarding future events and conditions and, as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected.
For further information
Colum Caldwell, President & CEO, Phone: (604) 654-1860, ccaldwell@optimalgeo.com
Caren Holtby, Corporate Communications Manager, Phone: (604) 805-8772, choltby@optimalgeo.com