LABRADOR TECHNOLOGIES INC. CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT FINANCING
February 13, 2007- Labrador Technologies Inc. (“LTI” or “Labrador” - TSX Venture: LTX) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the “Private Placement”) for between 222,222 and 1,666,667 units of Labrador (“Units”), at a price of $0.45 per Unit. LTI has closed the first tranche of 222,224 Units. While no agent has been retained in connection with the Private Placement, LTI will pay a ‘finders fee’ of 6% to qualified persons pursuant to available securities laws exemptions.
The minimum investment requirement, per qualified individual, is $10,000 (22,222 Units), and the closing date (the “Closing Date”) will be on or before March 31, 2007. Each Unit will consist of one (1) common share (“Common Share”) of LTI, and one (1) share purchase warrant (“Warrant”), with each Warrant exercisable at a price of $0.55per Common Share, for a period of 12 monthsfollowing the Closing Date.
Labrador intends to use the proceeds from this Private Placement as general working capital, and for further development and marketing of its eTriever™ product, particularly in the context of Calgary’s Oil & Gas Data Centres. In this regard, LTI is pleased to announce that the company has retained the full-time services of an experienced sales person, a Land data expert to expedite the process of making Land data available through eTriever™, and another senior developer, all of whom are dedicated to accelerating the process of introducing eTriever™ to paying clients.
Labrador eTriever™ is a secure, web-based, generic data retriever, which thrives in complex database environments, such as the oil and gas industry. Importantly, eTriever™ will offer its users the proven strengths of LTI’s dynamic Labrador® query back-bone to access the most current data available, with all of the features of the Web 2.0 framework, popularized by Google’s™ successes.
As a web-based offering, eTriever™ requires no installation, no CD updates, and no maintenance – while providing “minimal-click” search, reporting, and exporting capabilities, as well as employing both Microsoft®’s Virtual Earth and Google® Map to view satellite imagery mapping. Further, eTriever™ goes well beyond conventional oil and gas web access to provide wireless data retrieval for proven hand-held devices, such as BlackBerries™, Palm® Treos™, Microsoft® Windows Mobile™ Smart Phones, and when available, Apples’ iPhone.
LTI reserves the right to close the Private Placement, without notice, should revenue from any of its ongoing sales/marketing activities be realized, such that LTI deems it unnecessary to complete a fully exercised Private Placement.
The Private Placement is subject to regulatory approval, and LTI is required to file a formal application with the TSX Venture Exchange Inc. to maintain this price reservation.
About Labrador
Labrador Technologies Inc. is in its 26th year of creating Labrador “connections” between the data stores that companies invest in, and all of the places to send this data. LTI develops data retrieval, reporting, and exporting software, specializing in Data-Flow Management™ solutions, currently for the oil and gas industry.
Whether delivering data to a Labrador® application, a third party application, an enterprise service bus, or a portal, Labrador has the ability to retrieve and deliver data to the right place, at the right time. Labrador’s DFM™ software and services help software vendors, data vendors, and company developers alike deliver data to their target audiences by “plugging” users in, and minimizing the need for costly, ongoing maintenance and intervention.
Labrador (www.labradortechnologies.com) trades on the TSX Venture under the symbol “LTX.”
For further information, please contact:
Christine Madill
General Manager
Labrador Technologies Inc.
Telephone: (403) 263-6325
The TSX Venture Exchange Inc. does not accept responsibility for the adequacy and accuracy of this release.