AccelRate Schedules Annual and Special General Meeting
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VANCOUVER, BRITISH COLUMBIA-- AccelRate Power Systems Inc. (the "Company") has scheduled its 2008 annual and special general meeting for September 15, 2008. At the meeting, in addition to appointing auditors and electing directors, the shareholders of the Company will be asked to approve a consolidation of the Company's share capital on a 5:1 basis. The consolidation ratio may be decreased to 4:1 or less at the discretion of the directors. The Company does not propose to change its name.
The Company currently has an aggregate of 28,799,169 common shares outstanding. After giving effect to a 5:1 consolidation, it expects to have approximately 5,759,834 shares outstanding. Management believes that the share consolidation is necessary to provide the Company with a capital structure that will facilitate equity and/or debt financing. The Company's management has recommended the restructuring following consultation with financial advisors. The proposed share consolidation is expected to increase the market price of the Company's common shares on a per share basis by reducing the number of common shares outstanding. However, no assurance can be given as to the effect of the consolidation on the value of the Company's common shares.
Completion of the share consolidation is subject to shareholder approval and acceptance by the TSX Venture Exchange. A management information circular in connection with the meeting will be mailed to the shareholders shortly.
AccelRate Power Systems is headquartered in Vancouver, BC. AccelRate's shares trade on the TSX Venture Exchange (symbol APS), and on the Frankfurt Exchange (symbol KCG).
ACCELRATE POWER SYSTEMS INC.
"Reimar Koch"
President and CEO
For further information contact:
Reimar Koch (604) 688-8656
Email: info@accelrate.com
Website: www.accelrate.com
