ISE Limited Completes Initial Public Offering
Date: 03/25/2010
Company: ISE Limited
Source: MarketWire
SAN DIEGO, CA–(Marketwire – March 25, 2010) – ISE Limited (TSX: ISE) announced today that it successfully completed its initial public offering of 3,450,000 common shares at a price of C$6.00 per common share for gross proceeds of C$20,700,000 on February 23, 2010. The initial public offering was previously announced outside of the United States on February 23. The common shares trade on Toronto Stock Exchange under the symbol “ISE”. The offering was sold through a syndicate of underwriters co-led by Raymond James Ltd. and RBC Dominion Securities Inc., and including Cormark Securities Inc. and Jacob Securities Inc.
ISE intends to use the net proceeds from the offering for research and development, capital equipment purchases, secured convertible promissory note repayment, and sales and marketing expansion.
“We are proud to become a public company on Toronto Stock Exchange,” stated Rick Sander, CEO and President of ISE Limited. “This new corporate milestone enables us to continue building upon a strong foundation of hybrid-electric drive system products and energy storage system products for the heavy duty vehicle market. In December 2009, Long Beach Transit, our customer since 2001, reached 10 million miles in revenue service with its fleet of gasoline hybrid-electric buses powered by our hybrid-electric drive systems. In Fall 2009, we booked sales of our lithium energy storage systems to two major global manufacturers of heavy duty vehicles. We are excited to have successfully completed our initial public offering, which will enable us to expand sales globally and invest further in our energy storage system technologies, controls software and power electronics.”
