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ESV

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Last Updated: -
Delayed by 15 minutes
Share Name Share Symbol Market Type
TSXV:ESV TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

ESI Increases Private Placement to $650,000 and Announces Discussions on the Flo·Point(TM) Development Program

28/10/2013 12:50pm

Marketwired Canada


E. S. I. Environmental Sensors Inc. ("ESI" or the "Company") (TSX VENTURE:ESV)
is pleased to announce that, in addition to the previous announcement of a
private placement for gross proceeds of up to $350,000, the Company is now
increasing the total available under the private placement up to $650,000. It is
likely that the placement will close in tranches. The total non-brokered private
placement will now be up to 13,000,000 units ("Units") at $0.05 per Unit to
raise gross proceeds of up to CAD$650,000. Each Unit will consist of one common
share and one common share purchase warrant (a "Warrant"). Each Warrant will be
exercisable into an additional common share for a period of three years from the
closing date. The Warrants will be exercisable at a price of $0.10 for the first
year following the closing of the transaction, $0.15 for the second year
following closing, and $0.20 for the third year following closing. As mentioned
above, it is anticipated that there will be more than one closing date. 


The Private Placement is subject to TSX Venture Exchange ("Exchange")
acceptance. The proceeds from this financing will be used for general working
capital purposes. Subject to Exchange approval, the Company will pay finders'
fees in connection with the private placement. 


The Company's Flo.Point(TM) instrument was designed for the oil industry to
measure the volumetric presence of water pumped during crude oil extraction for
characterization and optimization of the production process. This technology was
deployed by ESI for approximately seven years, most recently in 2009, however,
since that time the Company has not produced any new units. Over the past months
the Company has been in discussions on the re-launch of the Flo.Point(TM)
program with a partner in the Canadian oil industry. Those discussions have now
reached a point where an agreement on a joint development program for a next
generation Flo.Point(TM) tool, known in the oil industry as a water cut sensor,
is anticipated in the coming weeks. The development program will involve
expertise based at ESI in conjunction with that of a partner in the Canadian oil
industry specializing in enhanced oil recovery, and will also include the full
co-operation of a significant lead customer in Canadian oil production. Efforts
are also under way to involve a recognized governmental research institution. In
order to succeed in launching this development program, once an agreement is in
place, the Company will need to announce a future financing.


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 production. 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. The Company's Flo.Point(TM) instrument was designed for 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.


On behalf of the Company:

Bernard Beauchesne, Chief Operating Officer

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Investor Relations: E.S.I. Environmental Sensors Inc.
2071C Malaview Avenue West
Sidney, BC V8L 5X6
250.655.3211 or 1-800.799.6324
investor.relations@esica.com


Media Contact: E.S.I. Environmental Sensors Inc.
Bernard Beauchesne
250.655.3211 or 1-800.799.6324
bbeauchesne@esica.com
www.esica.com

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