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Centillion Industries Inc. TSX VENTURE: CID
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Centillion Industries Announces C$910,000 Financing
TORONTO, ONTARIO--(CCNMatthews - Nov. 23, 2005) -
(Not for dissemination in the United States of America)
Centillion Industries Inc. (TSX VENTURE:CID) (the "Company" or "Centillion") is pleased to announce that it is proceeding with its previously announced short form offering of up to C$910,000. Leede Financial Markets Inc. ("Leede") of Calgary, Alberta will act as the lead agent. Centillion is offering up to 7,000,000 units at a price of C$0.13 per unit. Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at C$0.25 per share for 12 months. The offering is scheduled to close in December 2005. Leede will receive a cash commission of 10 per cent and agent's options that will entitle Leede to subscribe for that number of common shares as is equal to 12 per cent of the units sold at the offering price. Leede will also receive an administrative fee of C$15,000, half of which may be paid in units at Leede's option.
The proceeds from the sale of the units will be used for production ramp-up and introduction of the 2-Vu Dual Screen computer product line of Estari, Inc. ("Estari"). The Company has entered into a letter of intent with Estari pursuant to which the Company will acquire a 25% equity interest in Estari in consideration for the issuance of 4,000,000 Centillion common shares at a deemed price of $0.10 per share. On closing of the acquisition, the Company will also be given an option to acquire an additional 1,000,000 common shares of Estari at C$1.00 per share and exclusive material procurement and manufacturing rights to all existing and future Estari products. Closing of the Estari acquisition is subject to several conditions including entering into a formal agreement with Estari and regulatory approval.
No finder's fee is payable in respect of the Estari acquisition. Estari is at arm's-length to Centillion. The TSX Venture Exchange Inc. has conditionally approved the Estari acquisition, subject to the Company providing to the Exchange certain documents and information and the applicable fees.
About Centillion Industries (TSX Venture "CID", www.centillionindustries.com)
Centillion Industries Inc. is a marketer, distributor and manufacturer of purpose-designed components for use in a broad range of commercial, consumer and industrial products, and a provider of manufacturing services.
About Estari, Inc. (www.estari.com)
Estari, Inc. is engaged in the development, sales and marketing of a dual-screen mobile computer and software package delivering a unique enhanced workspace, true multitasking and mobile capabilities. Estari, Inc. is a Pennsylvania corporation with licensing and intellectual property rights related to its product lines.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Centillion Industries Inc.Wray A. Hodgson
President
(416) 284-4242
Email: wray.hodgson@centillionindustries.com
or
Centillion Industries Inc.
Garnet L. Bailey
Chief Executive Officer
(403) 381-2288
Email: garnet.bailey@centillionindustries.com
Website: www.centillionindustries.com
