Vancouver, BC, December 14, 2006--(T-Net)--Photon Control (TSX-V: PHO) announced that it has completed the $2,500,000 private placement previously announced on October 11 and October 27, 2006. The agents also exercised a portion of the over-allocation option. As a result, the Company issued a further 2,217,100 units, each unit consisting of one common share of the Company and one-half of one common share purchase warrant, for gross proceeds of $332,565 and aggregate gross proceeds to date of $2,563,695. Closing of a further tranche of the $500,000 over-allocation option may occur in January.
The Company paid a total of $18,570 and issued a total of 123,800 non-transferable agents' warrants to the agents as commissions in connection with the second closing of the private placement. Each agents' warrant is exercisable into one unit of the Company, consisting of one common share of the Company and one-half of one common share purchase warrant.
The common shares and warrants sold by the Company, the common shares issuable pursuant to the exercise of the warrants, and all securities issuable upon exercise of the agents' warrants and underlying warrants, are subject to a four-month hold period commencing on the date hereof. The private placement is subject to final approval of the TSX Venture Exchange.
The agents for the placement are M Partners Inc., Research Capital Corporation and Bolder Investment Partners Ltd.
About Photon Control Inc.
www.photon-control.com
Photon Control Inc. develops products that use light (photons) for measurement and control, using the inherent advantages of light over electricity. Photon's products offer improvements in cost, performance and safety. Photon is currently developing a range of optical meters and analyzers for industry.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
For further information
Lauren Blair, Investor Relations, (604) 422-8861, lblair@photon-control.com