Having developed a great technology platform has enabled TECE to attract a top notch executive to further nurture and propel the company to new heights," said Steve Saviuk, Chairman of Intasys Corporation.
Andre Telmosse's calibre and experience for this key position in the Company," said Claude Forget, Chairman of the Board for TECE.
He brings to TECE broad managerial experience in implementing complex solutions involving technology, and in delivering tangible results on time and on budget.
Concurrently with this transaction, TECE has completed a private placement of US$4 million, issuing 1 million units to investors, each unit consisting of one share of TECE's common stock as well as one warrant entitling the holder thereof to purchase one share of TECE's common stock at a price of US$5.
Shares held by Intasys in TECE are subject to a minimum one-year hold period and subsequent dispositions of TECE shares by Intasys are subject to applicable regulatory limitations regarding resale.