| April 24, 2006
TURBOSONIC
TECHNOLOGIES, INC. (OTC
Bulletin Board – TSTA), a
leading provider of air pollution control
technologies, today announced it has raised $1,150,000 through a
private
placement of its equity securities with two institutional investors
that
specialize in energy and environmental investing.
The investors have acquired 1,000,000 shares
of the Company’s
common stock together with three-year warrants to purchase an
additional
500,000 shares of common stock at an exercise price of $1.40 per share. The purchase price
represented almost a 10%
premium to the public market price of $1.05 per share when the
transaction was
negotiated, with the warrant exercise price at a 20% premium over the
negotiated purchase price.
The
net proceeds of the offering will be used to accelerate
TurboSonic’s foreign market
development, and R&D program in addition to general corporate
working
capital. The
financing was completed
with TurboSonic’s investment banker, Capstone Investments,
acting as agent. “We
are encouraged by the confidence that
has been placed in TurboSonic’s management in negotiating
this above market
placement,” stated Edward Spink, TurboSonic’s
Chairman and CEO.
Edward
Spink further stated, “Innovation has allowed us to maintain
technical
leadership in our industry. TurboSonic’s R&D program
will continue its
emphasis on developing and patenting technological advances. In
addition, we
will continue to focus on product cost reductions. The international
environmental market represents a significant opportunity for our
Company and
its shareholders. Increasing
international efforts in promoting regulatory programs to effectively
combat
air pollution have led to a growing contribution to
TurboSonic’s revenues from
customers outside Canada and the US.
Additionally, the funding will further ensure
that we have the necessary
working capital to support our anticipated growth.”
TurboSonic
Technologies (www.turbosonic.com) designs and
markets air pollution control technologies to industrial customers
worldwide. Its products help companies in the, Cement and
Mineral
Processing, Ethanol, Metals & Mining, Petrochemicals, Power
Generation, Pulp & Paper, Waste Incineration, and Wood Products
industries comfortably meet the strictest emissions regulations,
improve performance, reduce operating costs and recover valuable
by-products where possible.
Certain
statements in this press release are
“forward-looking statements” within the meaning of
the
Private Securities Litigation Reform Act of 1995 and involve known and
unknown risks, uncertainties and other factors that may cause the
Company’s actual results, performance or achievements to be
materially different from the results, performance or achievements
expressed or implied by the forward-looking statement. Factors that
impact such forward-looking statements include, among others, changes
in general economic conditions, interest rates, government regulations,
and competition. For a discussion of such risks and uncertainties,
which could cause actual results to differ from those contained in the
forward-looking statement, see the annual report on Form 10-KSB and
other documents the Company files from time to time with the Securities
and Exchange Commission.
TurboSonic Technologies, Inc. (OTC Bulletin Board:
TSTA - News)
For
further information, contact:
Patrick
Forde, President
TurboSonic Technologies, Inc.
550 Parkside Drive, Suite A-14, Waterloo, Ontario, Canada N2L 5V4
Phone: (519) 885-5513, Fax: (519) 885-6992
E-mail: info@turbosonic.com
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