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Power Tech Corporation Inc. announces the closing of a second and last phase of a private placement totaling $648,250

^{Published on 2009-07-16 09:32:29, Last Modified on 2009-07-16 09:32:36 - Market Wire}
 

 TERREBONNE, QC, July 16 /CNW Telbec/ - Carol Murray, President and Chief Executive Officer of Power Tech Corporation Inc. ("Power Tech" or the "Company") (TSX-V: PWB) is pleased to announce the closing of a second and last phase of a non-brokered private placement previously announced on June 25, 2009. This second and last phase totals 3,802,500 units (the "Units") for an amount of $380,250 (the "Placement"). The entire private placement, combining both phases, totalled 6,482,500 units equivalent to a total amount of $648,250. The proceeds of the Placement will be used to continue our commercialization activities and working capital for the Company. Each Unit is comprised of one common share of Power Tech at a price of $0.10 and one half warrant. Each whole warrant entitles the holder to acquire one share of Power Tech, at a price of $0.20 per share for a period of 12 months following the closing date. For the purposes of this Placement, Power Tech has granted to one intermediary who is not an adviser or dealer registered with a securities commission, a total remuneration of 500,000 units at the same terms and conditions as those described above. The Units issued under the Placement are subject to a restricted period on resale for four months and one day. Power Tech makes a major breakthrough in the Middle East by introducing the PicBucket(R) on the biggest construction sites in the world Following a recent shipment of five PicBuckets(R) series 2000 to Saudi Oger, one of the largest construction Companies in Saudi Arabia, Power Tech confirms that they are currently being used on major projects in that country. The success obtained in the field with our PicBucket(R) has allowed to begin a business relationship with both our business partner and Saudi Oger. This creates a technological showcase that will allow for a faster development of the large Saudi Arabian market. Applications for the PicBucket(R) are multiple, considering the type of soil found in that area. The numerous ongoing and forthcoming construction projects makes for one of the most interesting market sales wise in this part of the world basically still unaffected by the economic slowdown. Due to the large infrastructure projects and the huge needs for machinery and equipment, numerous on site construction companies could proceed to acquire PicBuckets(R). About Power Tech ([ www.powertechci.com ]) Power Tech is the only company in the world that manufactures and commercializes percussion technology with interchangeable tools and accessories for the construction, demolition and military industries. Power Tech's percussion technology is a technological breakthrough that combines the power of a hydraulic hammer with the stripping force and manoeuvrability of a conventional bucket. Power Tech's products are marketed under the PicBucket(R) and PicHammer(R) names as well as under world renowned private label brands thru OEM agreements with large manufacturers. The trademarks PicBuckets(R), PicHammer(R) and the Power Tech logo are registered trademarks of Power Tech Canada Inc. Forward-Looking Statements Certain statements included herein, including those that express management's expectations or estimates of the future performance of the Company, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward-looking statements. We disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise. Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release. %SEDAR: 00020841EF 

For further information: Mr. Carol Murray, President and Chief Executive Officer, PowerTech Corporation Inc., (450) 963-6400 #101, Fax: (450) 963-4411, [ carol.murray@powertechci.com ]; Mr. Marc Jasmin CMA, Partner, Jasmin-Dumais Financial Communications Inc., Investor Relations, (514) 231-2360, Fax: (514) 221-3762, [ marc@comjamais.com ]