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AFG Flameguard Ltd.: DSPA-5 Successfully Deployed in Waterford, Ontario and Saint-Felicien, QuebecIssues 1,184,804 Common Shares (February 24, 2012)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/24/12 -- AFG FlameGuard Ltd. ("AFG" or the "Corporation"), a technology focused company that provides innovative products and services to the fire suppression and prevention industry is pleased to announce the successful deployment of AFG's premier Dry Sprinkler Powder Aerosol product, the DSPA-5 in Waterford, Ontario and Saint-Felicien, Quebec.
On February 19, 2012 Norfolk County Fire & Rescue Services responded to a single family wood framed residential fire in Waterford, Ontario. The first arriving crew deployed one DSPA-5 unit. The Fire Investigator reported that the DSPA-5 virtually extinguished the fire, reduced the heat, fire and smoke volume allowing crews to quickly and safely make entry. Crews were able to quickly complete a primary search of the home and gain control of the fire. In addition to significantly reducing fire, smoke, heat and property damage the DSPA-5 significantly increased firefighter safety according to the report.
On February 14, 2012 in Saint-Felicien, Quebec, fire crews were dispatched to the scene of a fully developed garage fire that had the potential to spread to two adjacent homes. The detached garage contained various volatile fuels and gas powered equipment. The first responder on the scene deployed a DSPA-5 fire suppression device which rapidly knocked down the flames and averted the spread of the fire to the two adjacent homes and the risk of explosion. Firefighters were able to extinguish the fire using a small amount of water. After extinguishing the fire, the firefighters took the necessary precautions for a volatile fuel situation and overhauled the building. No occupants were displaced as a result of the fire and they were able to sleep in their homes after the fire was extinguished and the overhaul was complete.
Overhauling occurs in the latter stage of the fire-suppression process during which the burned area is carefully examined for remaining sources of heat that may re-kindle the fire and often coincides with salvage operations to prevent further loss to structure or its contents, as well as fire-cause determination and preservation of evidence.
AFG is proud to assist firefighters, save property, health and the environment in otherwise dire emergency situations.
AFG ISSUES 1,184,804 COMMON SHARES
AFG is pleased to report that further to its news release dated December 21, 2011 announcing a private placement (the "Private Placement") of up to 11,000,000 units ("Unit") at a price of $0.35 and an amendment to subscription agreements pertaining to all units issued at $0.75 in 2011, AFG has issued 1,184,804 shares to the shareholders of AFG who paid $0.75 for their units in 2011 effectively reducing the price paid from $0.75 per unit to $0.35 per unit. In addition, the warrant exercise price was reduced from $1.10 to $0.55.
The net result to AFG is the issuance of 2,221,506 units at $0.35 per Unit. Each Unit is comprised of one common share and one common share purchase warrant. Two common share purchase warrants will entitle the holder to purchase one additional common share of the Corporation at a price of $0.55 for a period of twelve months from the date the shares of the Corporation are listed on a stock exchange.
As a result of the issuance of 1,184,804 shares, the number of issued and outstanding shares of AFG increased from 27,469,188 to 28,653,992.
AFG PRODUCTS: INNOVATION IN LIFE SAFETY
DSPA - DRY SPRINKLER POWDER AEROSOL - AFG's Dry Sprinkler Powder Aerosol (DSPA) extinguishing systems are environmentally friendly powder aerosol generators that extinguish fires in their early stages and knockdown fully developed A, B, C and K fires in a contained environment within seconds. AFG's premier DSPA-5 product is a unique handheld first responder portable knockdown tool, already in use in fire departments across North America and worldwide.
NOFIQ FIRE SUPPRESSION SYSTEMS - NOFIQ fire suppression systems are capable of detecting carbon monoxide (CO) and temperature rise - both an indication of fire in its earliest form. The detection component will sound an alarm in the surrounding area and send a wireless message to an alarm management station. If a fire fully ignites the built-in aerosol fire-extinguishing component will extinguish the fire. These systems are the perfect solution for server stations, electrical panels and other business applications where the equipment and the environment would be significantly damaged by water suppression units.
INTUMESCENT FIRE RESISTANT PAINTS AND COATINGS - AFG's intumescent (fire resistant) paints and coatings include a complete line of safe, non-toxic and easy to apply intumescent paints, coatings, fire retardants, fire containment products and fabric sprays. They are designed for a wide variety of industrial, commercial and construction industry applications. They can be implemented wherever regular paint is used - primarily on steel and wood. The HCA WL thin-coat paint has recently been listed with QAI and has the longest heat resistant rating in the industry for flame retardant properties.
For more information, please visit http://www.afg5.com and follow AFG on Twitter at twitter.com/afgflameguard.
Neither the Canadian National Stock Exchange (the "CNSX") nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.
AFG Flameguard Ltd.
President and Chief Executive Officer
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