January 28, 2010
REG TECH PRIVATE PLACEMENT CLOSED
For Immediate Release: January 28, 2010, Vancouver, B.C. – Reg Technologies Inc. (TSX Venture Exchange: RRE, OTC BB: REGRF) is pleased to announce that it has received final approval from the TSX Venture Exchange of its non-brokered Private Placement of up to three (3) million units at $0.15 per unit announced on December 3, 2009. The Company sold a total of 1,012,596 units, raising $151,889.40. Each unit includes a one-year share purchase warrant entitling the purchaser to purchase one additional common share at an exercise price of $0.20. The warrants will expire on January 26, 2011. Finder’s Fees of $7,050.00 cash are payable. The common shares and share purchase warrants issued as part of the private placement, including common shares issued upon exercise of the share purchase warrants, are subject to hold periods in British Columbia expiring on May 26, 2010. Net proceeds of the private placement will be used for the development and evaluation by Belcan Engineering Services of Phoenix, AZ of the RadMax® design, accounts payable, including inter-company payables, and working capital purposes. ABOUT REGI U.S., INC. AND REG TECHNOLOGIES INC. Reg Technologies Inc. and REGI U.S., Inc. are developing for commercialization the RadMax® rotary technology. The lightweight, high efficiency, clean, green machine will achieve our goal of contributing to an overall reduction in greenhouse gas emissions and fuel consumption in applications including engines, compressors and pumps. The RadMax® engine has only two unique moving parts, the vanes (up to 12) and the rotor, compared to the 40 moving parts in a simple four-cylinder piston engine. This innovative design makes it possible to produce up to 24 continuous power impulses per one rotation that is vibration-free and extremely quiet. The RadMax® engine also has multi-fuel capabilities allowing it to operate on fuels including gasoline, natural gas, hydrogen, propane and diesel. REGI U.S., Inc. and its parent company, Reg Technologies Inc., have completed the final design for the RadMax® diesel engine application for use in areas including aviation, automotive, industrial and military. For more information, please visit www.regtech.com . For further information, please contact John Robertson, President at 1-800-665-4616 ON BEHALF OF THE BOARD OF DIRECTORS | Reg Technologies Inc. "John Robertson" John Robertson President | | Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Statements in this press release regarding the business of Reg Technologies Inc. and REGI U.S, Inc. (together the “Companies’”) which are not historical facts are "forward-looking statements" that involve risks and uncertainties, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, certain of which are beyond the Companies' control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements. Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: the impact of competitive products and pricing, the Companies' dependence on third parties and licensing/service supply agreements, and the ability of competitors to license the same technologies as the Companies or develop or license other functionally equivalent technologies; financing requirements; changes in laws, rules and regulations applicable to the Companies and changes in how they are interpreted and enforced, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, and the United States, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange, stock market volatility and market valuations of companies with respect to announced transactions. The Companies’ actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements, including those described in Reg Technologies’ financial statements, management discussion and analysis and material change reports filed with the Canadian Securities Administrators and available at www.sedar.com, and its Form 20-F filed with the United States Securities and Exchange Commission at www.sec.gov, and REGI’s Form 10-KSB annual report filed with the United States Securities and Exchange Commission at www.sec.gov. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Companies will derive therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Companies or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Companies do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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