Geoexchange Technology Provider - Essential Innovations Technology Corp. (ESIV) - Announces $1,750,000 USD Financing

Geoexchange Technology Provider - Essential Innovations Technology Corp. (ESIV) - Announces $1,750,000 USD Financing


BELLINGHAM, Wash., May 19 - Essential Innovations Technology Corp. (OTCBB: ESIV; FRANKFURT: E6S) is truly pleased to announce that it has successfully closed and funded a financing in the form of a convertible secured note in the amount of $1,750,000 USD.
The proceeds invested in the Company from the sale of a fixed price, interest-bearing, convertible term note, will be used to pay down existing debt, purchase raw materials, structure an interest escrow account for service of the note, and to provide overall general working capital. This investment not only allows the Company to focus on the production and delivery fulfillment of a significant amount of current units orders, but it further supports the rapid and steady growth plan for the manufacturing and distribution activities for it's proprietary Geoexchange heat pump technology.

"This recent funding is truly representative of the high level of confidence that exists from the investment community in our technology, our people, our industry and our organization. The business relationships we have now solidified over this last year, most particularly in relation to the sales and distribution of our EI Elemental Geoexchange product line, provided us with the necessary validation of our overall business case to gain the on-going support of our lender as is clearly represented by this substantial investment. As negotiations in relation to a larger equity financing now continue forth with numerous parties both domestically and internationally, this recent $1,750,000 investment has provided a wonderful catalyst to drive our business and to continue to prove to those in the capital markets and throughout the industry that we have positioned ourselves to be one of the true Geoexchange leaders in the World today," stated Jason McDiarmid, President/CEO.

With regards to additional financing, the Company remains engaged in multiple discussions and negotiations with other outside investment sources and/or strategic business partnership candidates with the goal to facilitate a large straight equity financing in the latter part of 2008/early 2009. The proceeds of such future financing would allow the Company to further expand global operations, move in to full-scale international production and distribution of it's Geoexchange product line, launch a widespread sales and marketing campaign, entirely take-out existing senior secured debt, continue to seek further ESCO project opportunities and to provide significant on-going working capital.

Essential Innovations Technology Corp. provides cutting-edge Geoexchange solutions for residential, commercial and industrial applications as both a Geoexchange energy service company and as a manufacturer of proprietary geothermal heat pump technology. The Company was incorporated in April 2001, and it has four wholly owned subsidiaries located in British Columbia, Canada and in Hong Kong, SAR, China.

Geoexchange technology harnesses the earth's clean, renewable thermal energy stored just below the surface or in large bodies of water for purposes of heating, cooling, domestic hot water and/or dehumidification. A Geoexchange system is used to "exchange" the earth's natural heating and cooling properties between a building and the ground. This non-combustion transfer of energy is the source of performance and environmental superiority, as Geoexchange systems need only a small amount of electrical energy to then capture, move and concentrate a large amount of free energy provided by the earth.

Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Investors are cautioned that such forward-looking statements involve risks and uncertainties. These statements include, but are not limited to, statements that do not describe historical facts and statements that include the word "believes," "anticipates," "expects," "plans," "intends," "designs," "projects" or similar language, as well as statements regarding consumer or marketplace acceptance of the Company's new or existing products; comments concerning marketing and consumer acceptance of proprietary products; the potential benefits of Essential Innovations' products; initiatives undertaken by the Essential Innovations' divisions; the Company's research, manufacturing and facilities expansion programs; and the Company's growth, revenue, or projected earnings; all such statements which may or may not occur in the future. These forward-looking statements are made as of the date of this news release, and Essential Innovations Technology Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no absolute assurance that such belief, plans, expectations or intentions will prove to be completely accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our periodic reports filed from time to time with the Securities and Exchange Commission.

Essential Innovations Technology is a featured Company on Investorideas.com Green portals, China portal and Tech portal.

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Source: Essential Innovations Technology Corp.