Eli Eco Logic Inc. Completes $4.3 Million Rights Offering

Business Wire, Jan 25, 1995

TORONTO--(BUSINESS WIRE)--Jan. 25, 1995--ELI ECO (CANADIAN DEALING NETWORK: ELII) ELI Eco Logic Inc. announced today that all of the rights issued to its shareholders under its recent rights offering have been exercised. Proceeds from the rights offering were $4,362,264.

Doug Hallett, President of Eco Logic, stated:

"The strong support we have received from our shareholders has permitted us to construct and export our first SE25 ELI DESTRUCTOR to Australia and will permit us to construct a second SE25 ELI DESTRUCTOR for initial operation in Ontario.

Progress continues in our negotiations with commercial customers in Ontario and, together with our joint venture and strategic partners, in the United States, Australia, Europe, and elsewhere in Canada. Construction of the second SE25 ELI DESTRUCTOR has commenced."

CONTACT: Terry G. Ferguson, Vice President, Finance

Tel: (519) 856-9591, Fax: (519) 856-9235