Essential Innovations Technology Announces On-Going Financing Support
15 April 2008 - 12:30AM
PR Newswire (US)
BELLINGHAM, Wash., April 14 /PRNewswire-FirstCall/ -- Essential
Innovations Technology Corp. (OTC:ESIVOTC:-OTC:FRANKFURT:OTC:E6S)
(BULLETIN BOARD: ESIV - FRANKFURT: E6S) is truly pleased to
announce to the investment community that it has successfully
continued to raise on-going financing for the Corporation in the
form of private placement investment and unsecured loans in excess
of $1,100,000 USD since May 2007. The funds invested in the Company
from the sale of Rule 144 shares and non-interest bearing,
non-recourse loans, have been utilized to provide the Corporation
with the capital necessary to effectively execute its continued
growth and re-structuring plan as had been previously described in
the last public news release of May 11, 2007. During the remainder
of Fiscal 2008, the Company will now continue to focus on the
aggressive ramp-up of its manufacturing and distribution activities
for it's proprietary Geoexchange heat pump technology. With regards
to additional financing, the Company is now currently engaged in
multiple discussions and negotiations with other outside equity
investment sources and/or strategic business partnership candidates
that could be capable of providing the Company with a larger scale
equity financing during the Calendar year of 2008. The proceeds of
such financing would then allow the Company to further expand
operations, move in to full-scale production of it's Geoexchange
product line, launch a widespread sales and marketing campaign,
take-out senior secured debt, begin working on further existing
project opportunities and installations and as well as to provide
some general working capital. Says Jason McDiarmid, President/CEO,
"As our Company moves through Fiscal Year 2008 and looks ahead to
2009, we are extremely thankful for the continued support that we
have seen from those longstanding shareholders and management of
the Company who have willingly re-invested significant capital over
the last 12 month period so as to ensure the Company will have
long-term success. The business relationships we have now
solidified over this last year, most particularly in relation to
the distribution and installation of our EI Elemental Geoexchange
product line, should now provide a firm base to drive our business
forward not only domestically, but into the international markets
for many years to come. With the prospect of a larger financing
round in the latter part of this year to provide to us the
necessary capitalization to implement our overall business
objectives now looking extremely promising, we remain ever
confident that the future of the Company shall be a profitable one,
and our many shareholders will achieve a strong long-term return on
their investment." Essential Innovations Technology Corp. provides
cutting-edge Geoexchange solutions for residential, commercial and
industrial applications as both a Geoexchange energy service
company and as a manufacturer of proprietary geothermal heat pump
technology. The Company was incorporated in April 2001, and it has
four wholly owned subsidiaries located in British Columbia, Canada
and in Hong Kong, SAR, China. Geoexchange technology harnesses the
earth's clean, renewable thermal energy stored just below the
surface or in large bodies of water for purposes of heating,
cooling, domestic hot water and/or dehumidification. A Geoexchange
system is used to "exchange" the earth's natural heating and
cooling properties between a building and the ground. This
non-combustion transfer of energy is the source of performance and
environmental superiority, as Geoexchange systems need only a small
amount of electrical energy to then capture, move and concentrate a
large amount of free energy provided by the earth. Forward-Looking
Statements This news release contains "forward-looking statements,"
as that term is defined in Section 27A of the United States
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Statements in this press release, which are not purely
historical, are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Investors are cautioned that such
forward-looking statements involve risks and uncertainties. These
statements include, but are not limited to, statements that do not
describe historical facts and statements that include the word
"believes," "anticipates," "expects," "plans," "intends,"
"designs," "projects" or similar language, as well as statements
regarding consumer or marketplace acceptance of the Company's new
or existing products; comments concerning marketing and consumer
acceptance of proprietary products; the potential benefits of
Essential Innovations' products; initiatives undertaken by the
Essential Innovations' divisions; the Company's research,
manufacturing and facilities expansion programs; and the Company's
growth, revenue, or projected earnings; all such statements which
may or may not occur in the future. These forward-looking
statements are made as of the date of this news release, and
Essential Innovations Technology Corp. assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although we believe that the beliefs,
plans, expectations and intentions contained in this press release
are reasonable, there can be no absolute assurance that such
belief, plans, expectations or intentions will prove to be
completely accurate. Investors should consult all of the
information set forth herein and should also refer to the risk
factors disclosure outlined in our periodic reports filed from time
to time with the Securities and Exchange Commission. DATASOURCE:
Essential Innovations Technology Corp. CONTACT: Jason McDiarmid,
President & CEO of Essential Innovations Technology Corp.,
+1-360-392-3902, Fax, +1-360-733-3941, Web site:
http://www.eitechcorp.com/
Copyright