ELI announces that rights offering was fully subscribed. At least this gives ELI a window of time within which to try to secure some ongoing revenue to become a self-sustaining operation.
"NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ELI ECO LOGIC INC.
TSE SYMBOL: ELI
MAY 11, 1999
Eco Logic Announces Successful Completion of Rights
Offering
ROCKWOOD, ONTARIO--ELI Eco Logic Inc. ("ECO LOGIC" or the
"Company") (TSE-ELI) announced today the successful completion of
its previously announced rights offering. The rights offering,
which was over subscribed, has resulted in the issuance of
3,771,952 common shares for aggregate gross proceeds of
approximately $1,320,000.
"I am extremely pleased with the response this rights offering
received. An analysis of the subscriptions reveals that the
financing received very broad support form our existing
shareholders" said Chief Executive Officer, Dr. Fred T. Arnold.
"I also would like to thank the investment community for
supporting us".
Each holder of ECO LOGIC common shares of record, at the close of
business on April 15, 1999, was entitled to one right for each
share then held. Four rights entitled the holders to subscribe
for one additional share on payment of $0.35. The net proceeds of
the offering are $1,170,000, after deducting expenses of the
offering. The net proceeds of this offering will be used to fund
the Company's on-going working capital requirements as it
continues to respond to hazardous waste destruction requirements
in several key markets. The markets include chemical weapons and
related material for the US Army, bulk hexachorabenzene in
Australia and elsewhere and application of its Gas Phase Chemical
Reduction (GPCR) technology for pollution prevention in the
chemical manufacturing sectors. Another near term item on the
Company's agenda is completion of its next generation design
documents to enable its Japanese partners to implement GPCR
technology that is inclusive of all improvements achieved over the
last sixteen months of operations.
ECO LOGIC's business is to solve toxic chemical problems in a
safe, permanent, cost effective manner. The Process is an
innovative technology that converts on-site, organic, hazardous
waste into reusable or disposable products. This non-incineration
process has gained high public and regulatory acceptance. ECO
LOGIC's world-wide hazardous waste cleanup market includes PCBs,
hexachlorobenzene (HCB), pesticides, dioxins, contaminated
electrical equipment, contaminated soils, chemical warfare agents,
and certain petrochemical wastes."
Regards.
Joe |
