New Issue: Zongshen closes $1.25 million private placement of stock

By Sheri Kasprzak

Atlanta, April 1 - Zongshen Pem Power Systems Inc. said it has completed a private placement for $1,248,100.

The company sold 8,915,000 shares at $0.14 each.

Zongshen Pem is a fuel cell research, development and commercialization company based in Richmond, B.C. The company plans to use the proceeds from the offering for general working capital.

Issuer:	Zongshen Pem Power Systems Inc.
Issue:	Stock
Amount:	$1,248,100
Shares:	8,915,000
Price:	$0.14
Warrants:	No
Settlement date:	March 31
Stock price:	C$0.50 at close March 31

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