EDMONTON, Alberta, February 16, 2007 - Titan Logix Corp. (TSX Venture: TLA) announced
today the completion of the redemption of the $200,000 of 10% convertible debentures due
April 21, 2009. Prior to the February 16, 2007 redemption date, holders of Debentures had the
right to convert the total principal amount of $200,000 and the accrued interest into common
shares at a rate of $0.066, equating to 15,151.5 shares of the Company’s common stock per
$1,000 principle amount.
Debenture holders received 3,049,890 common shares of the Company’s stock in satisfaction of
the redemption price (which included any accrued and unpaid interest up to the Redemption
On January 31, 2007 the Company finalized an agreement to relieve the Company of its
obligation to pay the note payable of $100,000. In exchange for the release of this obligation the
Company transferred to the note holders 40% of the outstanding shares of Alberta Industrial
Technologies Ltd., an inactive subsidiary of the Company.
The extinguishment of the note payable removes $100,000 of the Company’s current liability and
the conversion of the debentures into shares removes its long-term debt obligations, thereby
significantly reducing interest expenses.
About Titan Logix Corp.:
Titan Logix Corp. is an advanced technology industrial instrumentation and controls company
focused on the design, manufacturing, distribution, product support and servicing of its
instrumentation and automation technologies primarily for the oil and gas, chemical and
transportation industries. The Company’s mission is to be the North American market share
leader in mobile tank level measurement and control while maintaining its market
interests in burner management and level gauging. Its range of products includes:
- Guided wave radar liquid gauging and control systems for mobile tankers
- Electronic burner control systems for atmospheric industrial heaters;
- Mechanical and electronic liquid level gauging systems for storage tanks and process
- Communication and control systems enabling remote telemetry management of site
- Mud level monitoring for oil and gas drilling well control
For further information, please contact:
Les J. Evans, President & Chief Executive Officer
Ph: 780 462-4085 (Edmonton)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained in this news release is forward-looking and is subject to unknown risks and
uncertainties. The actual results, performance or achievements of the Company may differ materially from the
results, performance or achievements of the Company expressed or implied by such forward-looking statements.
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