Delta, British Columbia--(Newsfile Corp. - September 23, 2020) - Airtest Technologies Inc. (TSXV: AAT) (OTC: AATGF) ("Airtest" or the "Company") President, George Graham is pleased to report that the financing announced August 5, 2020 (the "Financing"), has now been fully subscribed and has closed. In connection with the Financing, the Company issued 25,000,000 units (each, a "Unit") at a price of $0.02 per Unit for gross proceeds of $500,000. The proceeds will be used for inventory, research & development and general working capital.
Each Unit is comprised of one common share (a "Share") in the capital of the Company and one non-transferable share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Share in the capital of the Company (a "Warrant Share") at an exercise price of $0.05 per Warrant Share for a period of two years from the closing of the Financing, subject to an acceleration provision, such that in the event that the Shares have a closing price on the TSX Venture Exchange of greater than $0.07 per Share for a period of 10 non-consecutive trading days at any time after four months and one day from the closing of the Financing, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and, in such case, the Warrants will expire on the 30th day after the date on which such notice is given to the holder.
All securities issued in connection with the Financing and the Shares that may be issuable on exercise of the Warrants are subject to a hold period expiring four months and one day after the closing of the Financing.
None of the securities issued in the Financing have been, and none of them will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Company has operated on primarily a 'just in time' production schedule but now the ability to carry additional on hand inventory will allow the company to fill orders more quickly leading to higher customer satisfaction which may well lead to additional repeat orders.
George Graham said, "With additional interest in our sensor products to confirm ventilation requirements during the current COVID concerns, this has led to a larger order book for our products. Bolstering inventory levels should result in additional sales. We will also be completing an R&D project that will allow the Company to broaden the application of a group of sensors. We have found that customers have been asking for this additional applicability with certain building automation systems. Early indications are quite positive and completion of the R&D over the next few months should generate an additional sales bump."
About ATI: Airtest Technologies is a Green-Tech company specializing in sensors that improve commercial building operating efficiency and at the same time create energy savings. These sensors are all based on technical innovations developed in the last ten years and comprise a growing second wave of energy saving technologies that will make a significant contribution to the Sustainable Buildings Program. Airtest offers its products to leading-edge building owners, contractors and energy service companies targeting the buildings market. Airtest also provides energy cost reduction solutions to building equipment and controls manufacturers who incorporate Airtest sensor components in their products.
For further information, please contact:
Mr. George Graham, President & CEO
Legal Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements". Forward-looking statements are projections of financial performance or future events. Forward-looking statements can be identified by the use of words such as "expect", "anticipate", "intend", "plan", "believe", "estimate" and words of similar meaning. Forward-looking statements are based on management's current expectations and assumptions and they are subject to risks that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include those concerning the Company's belief in the energy savings that can be achieved through installation of the Company's products and that these installations lead to reduced maintenance, downtime expenses, future cost savings, and improvements in the bottom line. These statements are subject to risks that may cause the actual results to be materially different in future periods from those expressed or implied by such forward-looking statements. Risks that may prevent or delay the forward-looking statements from coming to fruition as anticipated include the availability of working capital, risks inherent in product development, as well as market factors that may increase costs or time to market. It is our policy not to update forward-looking statements except to the extent required under applicable securities laws. Further information on the Company is available at www.sedar.com or at the Company's website, www.smartcool.net.
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