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Attention Business Editors
Streetlight Intelligence Inc. completes $2.5 million private placement financing
VICTORIA, March 8 /CNW/ - Streetlight Intelligence Inc. ("SLQ") is
pleased to announce that, further to its news release dated January 12th,
2010, the Company has completed a private placement of 21,113,936 units at a
purchase price of $0.12 per unit (the "Unit") for gross proceeds of
$2,533,672. Each Unit consists of one common share and one-half (1/2) of one
common share purchase warrant ("Warrant"). Each whole Warrant entitles the
holder to purchase one (1) additional common share of the Corporation at a
purchase price of $0.24 exercisable on or before March 5, 2011. Upon
exercising of all Warrants, this private placement has the potential to raise
up to an additional $2,533,672.
The common shares, Warrants, as well as any common shares issued upon
exercise of the Warrants are subject to a hold period expiring on July 5,
2010.
"We are now in a position to capitalize on the sales pipeline that we are
developing, and are thankful for the strong support from existing and new
shareholders as we successfully close this private placement," states Vince
Krynski, Chief Executive Officer. "We also thank Dundee Securities Inc. for
their part in raising the funds and look forward to working with them in the
future as our Company grows."
Commissions in the amount of $36,569 were paid and 304,738 broker
warrants were issued in relation to this private placement. Net proceeds will
be allocated towards general working capital.
About Streetlight Intelligence Inc.
Streetlight Intelligence Inc. develops advanced street light optimization
systems - and was recently recognized as the "New Technology of the Year" at
the British Columbia Hydro 2009 Power Smart Excellence Awards. Trademarked as
Lumen IQ(TM), SLQ's technologies provide improved lamp performance, adaptive
lighting control, and system-wide communications for centralized street light
management. SLQ's systems enable street light operators to significantly
reduce their community's energy consumption, maintenance costs and
environmental impact.
SLQ is a public company listed on the TSX Venture Exchange under the
symbol "SLQ".
Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking statements" as such term is used in applicable Canadian
securities laws. These statements relate to analysis and other information
that are based on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. In particular, statements
concerning the future potential sales related to the sales pipeline, the
allocation of proceeds towards working capital and other factors and events
described in this news release should be viewed as forward-looking statements
to the extent that they involve estimates thereof. Any statements that express
or involve discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or performance
(often, but not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate", "plans",
"estimates" or "intends", or stating that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be achieved) are
not statements of historical fact and should be viewed as "forward-looking
statements". Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Corporation to be materially different from
any future results, performance or achievements expressed or implied by such
forward-looking statements. Although the Corporation has attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions events or results not to be anticipated,
estimated or intended. There can be no assurance that such statements will
prove to be accurate as actual results and future events could vary or differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements contained in
this news release.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date the statements are made and the Corporation
undertakes no obligation to update forward-looking statements and if these
beliefs, estimates and opinions or other circumstances should change, except
as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy and accuracy of this release.
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/For further information: visit www.StreetlightIQ.com or contact: Vincent
Krynski, Chief Executive Officer, (403) 571-2412, vkrynski@StreetlightIQ.com;
D. Mark Alenius, CA, Chief Financial Officer, (403) 803-7390,
malenius@StreetlightIQ.com/
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