ETX Systems

Press Release

Date: February 1, 2006

Envision Technologies Corp. completes first round of financing

CALGARY, AB – Envision Technologies Corp. is pleased to announce the completion of its first round of financing. The private offering was carried out with the assistance of Gowlings Lafleur Henderson (Calgary, AB) who facilitated the transactions and provided advice on the corporate structure of ETX Systems Inc. The funds secured will be used to support the path forward toward commercialization of the ETX Upgrader. The commercialization plan is focused on two main activities: the construction of a 1 bbl/d pilot unit and the parallel design and construction of a 500 bbl/d commercial demonstration unit. The pilot unit, referred to as the D1 project, will be constructed in Devon, AB, at the National Center for Upgrading Technology. Basic engineering of the commercial demonstration unit, named the D500 project, will be complete by late May 2006. ETX Systems is in negotiations with various parties interested in hosting the demonstration exercise.

“We are extremely excited about the prospects for the technology”, says Gerard Monaghan, CEO and President of ETX Systems Inc. “The funds allow us to transition from the development focus that we had while working under Envision Technologies Corp. into the engineering related activities required to turn the idea into a process. The team that we have secured to carry out these activities is second to none. The real surprise for us was that we were able to assemble such a quality team in-house when such a competitive market presides in Alberta today.”

ETX Systems Inc. is a fit-for-purpose private entity based in Calgary, AB, whose sole mandate is to commercialize its patented IYQ Upgrading technology. The process claims to deliver revolutionary yields and qualities relative to delayed coking, for significantly less cost per barrel. The increased production of high quality liquids leads to reduced environmental impact, leveraged through both the upstream and downstream scope.  For more information contact Gerard Monaghan, CEO of ETX Systems Inc. (gerard.monaghan@etxsystems.com).

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