Current Technology Updates Manufacturing
26 November 2005
The following was issued today by Robert Kramer, Director, Current Technology Corporation (OTC Bulletin Board: CRTCF - News):
On July 28, 2005 Current Technology ordered twenty TrichoGenesis units from its prime contractor and lead manufacturer, Sicom Industries Ltd. of Surrey, British Columbia. As reported by COO Anthony Harrison, an integral part of this manufacturing run is the employment of a new gel coat manufacturing process to produce the main body of the unit. "I am pleased to report the results of this new process have exceeded our expectations," states COO Harrison. "The result is a stronger and more durable component. Importantly, the process also saves labor as the need for customized painting is totally eliminated and assembly is simplified."
"This is an important step," states Current Technology's CEO Robert Kramer. "We are anticipating a significant ramp up in demand resulting from our various initiatives in the United States, Europe/Middle East and Asia and want to make sure this new demand is fulfilled with timely and efficient manufacturing."
On another topic, the Company has issued 2,440,000 restricted units for total proceeds of $305,000 (all funds USD). As indicated in the Company's regulatory filings, the $305,000 was received during the first three quarters of Fiscal Year 2005: $90,000 (Q1); $140,000 (Q2); and $75,000 (Q3). Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional share at $0.25 up to and including March 25, 2010 (1,120,000 units) and May 31, 2005 (1,320,000 units). The Company may accelerate the expiration date of the warrants if the average closing price equals or exceeds $0.50 for 20 consecutive days. Under such circumstances, the warrants must be exercised within 21 days.
In addition, the Company has issued 300,000 restricted units for consideration of $51,000. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional share at $0.25 up to and including September 21, 2005. The Company may accelerate the expiration date of the warrants if the average closing price equals or exceeds $0.50 for 20 consecutive days. Under such circumstances, the warrants must be exercised within 21 days.
ABOUT CURRENT TECHNOLOGY CORPORATION
Current Technology Corporation remains committed to developing its non-invasive pulsed electro-stimulation technology. This technology has enabled the company to develop two separate and distinct products emanating from the TrichoGenesis platform, thus far, that offer help for those concerned with their hair: ElectroTrichoGenesis (ETG) and CosmeticTrichoGenesis (CTG). Current Technology holds patents throughout the world and has spent over US $15 million in research and development of its TrichoGenesis platform and systems. The patents encompass the technology, methodology and design of the company's products.
Source: Current Technology Corporation
Source: PR Newswire
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