03:40 PM EST - PowerTech Corp. Inc. : announced that it has signed a letter of intent to acquire all issued and outstanding shares of a North-American company which supplies wear parts for construction, agricultural and other industries. The offered price is $3.8 million, of which $3.3 million will be payable at the closing date and $500,000 as holdback to cover closing adjustments, representation and warranty. Powertech will issue 1.5 million common shares at closing and the equivalent of $200,000 of common shares depending on the performance of the acquired company during the three fiscal years following the transaction. PowerTech Corp. Inc.
shares V.PWB are trading down $0.005 at $0.22.
