ESI Corporate Update
Victoria, British Columbia September 3, 2008 – ESI Environmental Sensors Inc. ("ESI", the "Company") (TSX-V: ESV) is pleased to announce that it has entered into an agreement with a syndicate led by M Partners Inc. (the "Agents") for completion of its previously announced financing for up to $5,400,000 by way of best efforts private placement (the "Offering"). Each unit comprises one common share and one-half common share purchase warrant of the Company and will be priced in context to the market.
The units will be offered to accredited investors in the Provinces of Canada and in the United States pursuant to registration exemptions provided by Regulation D and Regulation S under the Securities Act of 1933. The securities issued pursuant to the Offering will be subject to a 4-month restricted period and the Offering will be subject to regulatory approvals.
ESI will pay to the Agents cash commission. No Agents' commission shall be paid or be payable in respect of Common Shares and Warrants issued and sold to certain excluded placees.
The net proceeds of the Offering will be used for R&D, value engineering, marketing and general working capital purposes.
About ESI
ESI is a leading manufacturer of patented and proprietary solutions for environments where understanding the presence, movement, and/or amount of water are important. Major market sectors include: Agriculture, Golf and Turf, Scientific Research, Civil Engineering and Crude Oil. ESI solutions have been successfully introduced into more than 40 countries to enable customers to optimize their operations by monitoring the presence and movement of water, managing irrigation systems, and monitoring the integrity of landfill covers. Most recently, the Flo·Point™ instrument has been introduced to the Oil industry to measure the volumetric presence of water pumped during crude oil extraction for characterization and optimization of the process. ESI differentiates itself by translating the best technology and science available into practical, easy to use solutions. Irrigation managers, Reservoir Engineers, and Scientists have adopted ESI's products for their accuracy, ease of use, repeatability, and ability to operate in challenging environments. ESI is publicly traded on the TSX Venture Exchange under the symbol "ESV". Further information about ESI may be obtained through the Company's website at www.esisensors.com.
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Investor relations: |
ESI ENVIRONMENTAL SENSORS INC. |
Barnes McInerney |
MEDIA CONTACT: |
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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