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AirTest Announces Closing Of First Tranche Of Brokered Private Placement

DELTA, BC, July 12, 2011 /PRNewswire/ - AirTest Technologies Inc. (the "Company") (TSX Venture: AAT) is pleased to announce the closing of the first tranche of a brokered private placement originally announced on April 12, 2011 of 7,180,000 Units for gross proceeds of $359,000 through Canaccord Genuity Corp. (the "Agent").

Each Unit consist of one common share of the Company and one common share purchase warrant (a "Warrant").  Each Warrant is exercisable into one common share of the Company for a period of 24 months at an exercise price of C$0.10.

The Company paid the Agent a cash fee equal to 8% of the gross proceeds raised from the brokered private placement and issued to the Agent warrants (the "Agent's Warrants") equal to 10% of the Units sold. Each Agent's Warrant is exerciseable into one common share of the Company for a period of 24 months at an exercise price of $0.10. In addition, the Company issued 300,000 Units as corporate finance fee to the Agent.

The proceeds from the financings are expected to be used by the Company to support development of the new Airware zero drift sensor technology, and for general working capital purposes.

The securities issued are subject to a 4 month hold period from date of issue.  The date of issue was July 4, 2011 for the following securities issued;
  • 5,180,000 placement shares
  • 5,180,000 placement warrants
  • 300,000 shares re corporate finance fee
  • 300,000 warrants re corporate finance fee
  • 518,000 agents warrants

The date of issue was July 12, 2011 for the following securities issued;
  • 2,000,000 placement shares
  • 2,000,000 placement warrants
  • 200,000 agents warrants

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements

About AirTest: AirTest Technologies ( www.airtest.com) is a Green-tech company specializing in sensors that improve commercial building operating efficiency and at the same time create energy savings. These sensors are all based on technical innovations developed in the last ten years, and comprise a growing a second wave of energy saving technologies that will make a significant contribution to the Sustainable Buildings Program. Airtest offers its products to leading-edge building owners, contractors and energy service companies targeting the buildings market. Airtest also provides energy cost reduction solutions to building equipment and controls manufacturers who incorporate AirTest sensor components in their products. 

Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE AirTest Technologies Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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