Calgary 06/01/2007 – AeroMechanical Services Ltd. is pleased to announce the closing of the previously announced non-brokered private placements.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:of... />
An aggregate of 4,912,500 common shares were issued by the Corporation at a price of $0.40 per common share for aggregate consideration of $1,965,000 and an aggregate of 1,606,967 common shares were issued by the Corporation at a price of $0.60 per common share for aggregate consideration of $964,181. A finder’s fee of $60,276 was paid to Pacific International Securities Inc. of <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:sm... />Vancouver, British Columbia and a finder’s fee of $27,600 was paid to Boulder Investment Partners, Ltd of Vancouver, British Columbia.
The proceeds will be used to build inventory and continue marketing and sales efforts and to increase AMS’ working capital. The common shares under both private placements were sold to a group of high net worth individuals and qualified buyers led by Northern Rivers Capital Management’s Northern Rivers Innovation Fund. All of the common shares issued pursuant to both of the private placements are subject to a 4-month hold period. Completion of both private placements is subject to the final approval of the TSX Venture Exchange.
About AeroMechanical Services Ltd.
AeroMechanical Services Ltd. provides proprietary technologies and services designed to reduce costs and improve efficiencies in the airline industry. The company has successfully commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology Automated Flight Information Reporting System (AFIRS™) and UpTime™ allows airlines to monitor and manage aircraft operations in real time, all the time, anywhere on the planet.
For more information on AMS contact:
Bill Tempany, CEO
AeroMechanical Services Ltd
(403) 291-7434
btempany@amscanada.com
AFIRS, UpTime, AeroQ and Smart Box are Trade Marks of AeroMechanical Services Ltd.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
