NEWS & INFO
News » RTM closes private placement of secured debentures Wed Feb 2 2:42:14 UTC 2011
Calgary, Alberta – Real Time Measurements Inc. (“Real Time” or the “Corporation”) (TSX Venture Exchange – “RTY”). Mr. Terry Matthews, President and Chief Executive Officer of Real Time announces that Real Time has closed a $500,000 private placement, representing the first tranche of its previously announced private placement of secured debentures, as reported in a press release dated December 15, 2010. The debenture is secured against all of the Corporation’s present and after acquired personal property and including, without limitation, all goods, fixtures, chattel paper, documents of titles, instruments and securities. In connection with closing the first tranche of $500,000, Real Time paid $40,000 to Macquarie Private Wealth Inc. as a finders’ fee.
The proceeds from the private placement will be used for general working capital and to fund expenses associated with the preparation of delinquent continuous disclosure documents and to purchase raw materials in connection with a proposed transaction with a major Oil Company in the Middle East. As previously disclosed, the Corporation has won a bid for a contract to supply down-hole electronic instrumentation estimated to be worth about US$1.9M to a major oil producer in the Middle East region. Please refer to the Corporation’s continuous disclosure filings on www.sedar.com and its press release dated May 31, 2010 (Stockwatch) for details of the proposed Middle East transaction.
The Corporation is still a listed issuer on the TSXV, however the Corporation’s shares are currently suspended and will not resume trading on the TSXV until such time as the company has met all the requirements of the TSXV as set out in the TSXV Corporate Finance Manual. Management is endeavoring to meet said requirements and completion of the total private placement shall assist the Corporation in satisfying the TSXV’s continuing listing requirements. Shareholders are also advised that the securities of the Corporation will remain subject to the cease trade orders (previously issued) until fully revoked by the Alberta Securities Commission and the British Columbia Securities Commission. There is no certainty that a full revocation order will ever be issued.
About Real Time Measurements Inc.
Real Time is an independent Canadian oil and gas service company with its head office in Calgary, Alberta. The company was founded in December 1995 to exploit opportunities arising from the creative application of recent technological developments to solving selected oil and gas upstream measurement problems in more efficient ways. Real Time’s primary business activity revolves around the commercial development of premium quality sensor-to-desktop data gathering systems which are used primarily, although not exclusively, in oil and gas wells. The first commercial version of the technology is called Smart Drop Off (“SDO”). SDO provides customers with a secure internet based data port that links them to a high precision electronic pressure gauge down-hole in a well. The SDO sensor-to-desktop system dramatically improves well test operational efficiency and quality. To the best of management’s knowledge, at the present time, Real Time is the only company in the world that offers a service like SDO. The company is now developing a new technology platform called DataTrak. DataTrak will support future Real Time products and services. DataTrak will also be the backbone of a much improved next generation SDO.
For more information please go to www.sedar.com, or contact:
Terry Matthews, President
Real Time Measurements Inc.
T: (403) 720-3444
Website : www.rty.ca
The TSX Venture Exchange has not reviewed this release and it does not accept responsibility for its adequacy or accuracy.
Certain statements included in this news release constitute “forward-looking information” within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. Specifically, some of the material risks include not being able to complete the tasked described in the contract or if the oil and gas industry experiences a significant downturn. The forward-looking information contained in this news release represents the expectations of Real Time as at February 2, 2011, and, accordingly, is subject to change after such date. However, Real Time expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.