ETX Systems

Press Release

Date: January 11, 2007

ETX Systems successfully completes private raise

CALGARY, AB – TX Systems has successfully raised funds in support of its pilot demonstration and commercial activities.

Gerard Monaghan, CEO of ETX Systems, was happy with the process and the outcome. "We are pleased with the way things went. The capital was raised to allow us to fully fund the D1 pilot demonstration activity in its entirety. Funds were also appropriated to complete a capital costing exercise aimed at getting resolution on a commercial upgrader centered on our technology. The two exercises go hand in hand as they address the top level risks associated with our business plan."

"We have been able to build our story at a pace that is in line with the expectations of the markets, which has given us access to capital under terms that are favourable to both us and our shareholders. If we continue executing on schedule and on budget then we fully expect this trend to continue."

Following the D1 pilot unit, the next milestone for the company is a commercial demonstration of the ETX Upgrading technology. This exercise will be carried out at a nominal scale of 1,000 bbl/d reactor feed. ETX Systems is in discussions with potential partners.

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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