BROOKLYN, N.Y., Oct. 6, 2004 (PRIMEZONE) -- Cell Power Technologies, Inc. (OTCBB:CLPW) today announced that it has completed its previously announced offering of up to $3 million of its securities following the final closing on gross proceeds of $240,000. The amounts previously raised from the three interim closings on the offering were disclosed in Cell Power's quarterly reports on Form 10-QSB for the quarters ended April 30, 2004 and July 31, 2004. In total, Cell Power raised aggregate gross proceeds of $2,209,920 from the sale of 92.08 units of its securities at a per unit price of $24,000. Each unit consists of 32,000 shares of common stock and five year (subject to adjustment under certain conditions) warrants to purchase up to an additional 32,000 shares of common stock at a per share exercise price of $1.25. The offering expired as scheduled on September 29, 2004.
"We are extremely pleased with the results of our offering and are moving ahead with the implementation of our strategy to launch the Cellboost brand in Latin and South America," stated Mr. Jacob Herskovits, the Company's Chief Executive Officer.
Cell Power has undertaken to file a registration statement covering the common stock issued in the offering and the common stock underlying the warrants.
The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States unless registered under the Securities Act or an applicable exemption from registration is available. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
About Cell Power Technologies, Inc.
Cell Power is the exclusive sub-distributor for Cellboost(TM) in Latin and South America. Cell Power is also entitled to royalty payments from the sale of units of Cellboost(TM) in the United States, Mexico, Canada, Puerto Rico, the US Virgin Islands, the Caribbean and Israel. Cellboost(TM) is a small portable cell-phone battery that comes in phone specific models to fit most commercially available cell phones. It offers up to one-hour additional talk time. Cellboost(TM) is currently available in North America in flagship retailers like Office Max, Office Depot, Radio Shack and Staples. More information on the product can be found at http://www.cellboost.com/.
Forward-Looking Statements
This press release may contain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995. A number of factors could cause Cell Power's actual results to differ from anticipated results expressed in such forward-looking statements. Such factors are addressed in Cell Power's filings with the Securities and Exchange Commission (available at www.sec.gov). Cell Power assumes no obligation to update any forward-looking statements.