Radiant Energy Corporation Completes $1.4 Million Private Placement

Apr 24, 2001, 01:00 ET from Radiant Energy Corporation

    ORCHARD PARK, N.Y., April 24 /PRNewswire Interactive News Release/ --
 Radiant Energy Corporation (CDNX: YRD), the manufacturer and distributor of
 InfraTek(R), a revolutionary, patented infrared deicing system for use in the
 aviation industry, has completed its previously announces non-brokered private
 placement of 7.75% Series A Convertible Debentures.  In addition, the Company
 has issued a 12% Unsecured Debenture to Boeing Capital Services Corporation
 ("BCSC").
     The sale of the Series A Convertible Debentures and the Unsecured
 Debentures has generated gross proceeds of  $1.402 million.  The Series A
 Debentures, maturing April 5, 2006, will bear an annual interest rate of
 7.75%, payable semi-annually.  Each $1,000 principal amount of the Series A
 Debentures will be convertible at any time, at the option of the holder, into
 common stock of the Company at a conversion rate of approximately $0.86 per
 share (for 1,160 common shares) if converted prior to April 5, 2003, $1.23 per
 share (or 810 common shares) if converted from April 6, 2003 to April 5, 2004,
 $1.40 per share (for 710 common shares) if converted from April 6, 2004 to
 April 5, 2005, and $1.72 per share (for 580 common shares) if converted from
 April 6, 2005 up to and including the Maturity Date.  Executive officers and
 directors of the Company acquired roughly 44.7% of the Series A Debentures, or
 36.3% of the combined Series A Debentures and the Unsecured Debenture.
     Fred Olsen and Company, a management company for Granger Rolf ASA and
 Bonheur ASA, two Norwegian-based publicly traded companies, acquired $500,000
 of the Series A Debentures through a wholly owned subsidiary.  The two
 companies are holding companies with joint investments in activities such as
 offshore exploration and production, tankers, cruise, aviation, renewable
 energy and IT.
     "We are pleased to report the completion of this offering which sustains
 the Company's momentum as we move closer to our goal of establishing InfraTek
 as the Gold Standard in aircraft deicing technology worldwide," said Bruce
 Nobles, President and CEO of the Company.
     In a related transaction, BCSC subscribed for $250,000 principal amount of
 Unsecured Debenture.  The Unsecured Debenture matures April 5, 2006 and bears
 interest at an annual rate of 12%.  Interest at a rate of 7.75% per annum is
 payable semi-annually with the remainder payable on maturity.  BCSC also
 received 116,629 detachable warrants.  Each warrant entitles BCSC to acquire
 one common share of the Company at any time on or before April 20, 2003 at an
 exercise price of $0.86 per share.  The exercise of the warrants is restricted
 if, after giving effect of such exercise, BCSC will own greater than 19.94% of
 the issued and outstanding common stock.  The total exercise value of the
 warrants represents 40% of the value of the 12% Unsecured Debenture.
     None of the Series A Debentures, the Unsecured Debenture, the warrants or
 the common shares issuable upon conversion of the Series A Debentures or
 exercise of the warrants has been registered under the United States
 Securities Act of 1933 and may not be sold or offered for sale in the United
 States absent registration or an applicable exemption from the registration
 requirements of the Securities Act.  Furthermore, without the prior written
 approval of the Canadian Venture Exchange ("CDNX") and compliance with
 applicable Canadian securities legislation, none of the Series A Debentures,
 the warrants or the common shares issuable upon conversion of the Series A
 Debentures or exercise of the warrants may be sold on or through the
 facilities of CDNX or otherwise in Canada or to or for the benefit of a
 Canadian resident until August 5, 2001.
     Through its wholly owned subsidiary, Radiant Aviation Services, Inc., the
 Company markets InfraTek, a revolutionary, patented, infrared deicing system
 for use in the aviation industry.  Faster, safer, more environmentally
 friendly and chemical free, InfraTek is the only FAA-approved alternative to a
 glycol based pre-flight ground deicing process.  InfraTek offers substantial
 savings to airports and airlines by reducing treatment costs and the
 environmental impact of glycol.
     The InfraTek Radiant Deicing System is now in use at Newark International
 Airport, Buffalo Niagara International Airport and Rhinelander-Oneida County
 Airport, Wisconsin.  Another center is currently being installed at
 Kalamazoo-Battle Creek International Airport in Michigan. In addition to it's
 U.S. based sales organization, Radiant has a marketing agreement with
 Lufthansa Engineering and Operational Services GmbH to promote the
 installation, sale, maintenance and service of Radiant's InfraTek system in
 Europe and Scandinavia.
     The common shares of Radiant Energy Corporation trade on the CDNX under
 the symbol "YRD".  There are 14,026,665 common shares outstanding.  BCSC holds
 approximately 20% of the outstanding common shares of Radiant Energy
 Corporation.  All prices indicated above are quoted in U.S. dollars.
 
     This press release contains forward-looking statements.  The Company's
 actual results might differ materially from those projected in the forward-
 looking statements.  Additional information concerning factors that could
 cause actual results to differ materially from those in the forward-looking
 statement is contained in the Company's periodic reports filed with the
 Securities and Exchange Commission.
 
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SOURCE Radiant Energy Corporation
    ORCHARD PARK, N.Y., April 24 /PRNewswire Interactive News Release/ --
 Radiant Energy Corporation (CDNX: YRD), the manufacturer and distributor of
 InfraTek(R), a revolutionary, patented infrared deicing system for use in the
 aviation industry, has completed its previously announces non-brokered private
 placement of 7.75% Series A Convertible Debentures.  In addition, the Company
 has issued a 12% Unsecured Debenture to Boeing Capital Services Corporation
 ("BCSC").
     The sale of the Series A Convertible Debentures and the Unsecured
 Debentures has generated gross proceeds of  $1.402 million.  The Series A
 Debentures, maturing April 5, 2006, will bear an annual interest rate of
 7.75%, payable semi-annually.  Each $1,000 principal amount of the Series A
 Debentures will be convertible at any time, at the option of the holder, into
 common stock of the Company at a conversion rate of approximately $0.86 per
 share (for 1,160 common shares) if converted prior to April 5, 2003, $1.23 per
 share (or 810 common shares) if converted from April 6, 2003 to April 5, 2004,
 $1.40 per share (for 710 common shares) if converted from April 6, 2004 to
 April 5, 2005, and $1.72 per share (for 580 common shares) if converted from
 April 6, 2005 up to and including the Maturity Date.  Executive officers and
 directors of the Company acquired roughly 44.7% of the Series A Debentures, or
 36.3% of the combined Series A Debentures and the Unsecured Debenture.
     Fred Olsen and Company, a management company for Granger Rolf ASA and
 Bonheur ASA, two Norwegian-based publicly traded companies, acquired $500,000
 of the Series A Debentures through a wholly owned subsidiary.  The two
 companies are holding companies with joint investments in activities such as
 offshore exploration and production, tankers, cruise, aviation, renewable
 energy and IT.
     "We are pleased to report the completion of this offering which sustains
 the Company's momentum as we move closer to our goal of establishing InfraTek
 as the Gold Standard in aircraft deicing technology worldwide," said Bruce
 Nobles, President and CEO of the Company.
     In a related transaction, BCSC subscribed for $250,000 principal amount of
 Unsecured Debenture.  The Unsecured Debenture matures April 5, 2006 and bears
 interest at an annual rate of 12%.  Interest at a rate of 7.75% per annum is
 payable semi-annually with the remainder payable on maturity.  BCSC also
 received 116,629 detachable warrants.  Each warrant entitles BCSC to acquire
 one common share of the Company at any time on or before April 20, 2003 at an
 exercise price of $0.86 per share.  The exercise of the warrants is restricted
 if, after giving effect of such exercise, BCSC will own greater than 19.94% of
 the issued and outstanding common stock.  The total exercise value of the
 warrants represents 40% of the value of the 12% Unsecured Debenture.
     None of the Series A Debentures, the Unsecured Debenture, the warrants or
 the common shares issuable upon conversion of the Series A Debentures or
 exercise of the warrants has been registered under the United States
 Securities Act of 1933 and may not be sold or offered for sale in the United
 States absent registration or an applicable exemption from the registration
 requirements of the Securities Act.  Furthermore, without the prior written
 approval of the Canadian Venture Exchange ("CDNX") and compliance with
 applicable Canadian securities legislation, none of the Series A Debentures,
 the warrants or the common shares issuable upon conversion of the Series A
 Debentures or exercise of the warrants may be sold on or through the
 facilities of CDNX or otherwise in Canada or to or for the benefit of a
 Canadian resident until August 5, 2001.
     Through its wholly owned subsidiary, Radiant Aviation Services, Inc., the
 Company markets InfraTek, a revolutionary, patented, infrared deicing system
 for use in the aviation industry.  Faster, safer, more environmentally
 friendly and chemical free, InfraTek is the only FAA-approved alternative to a
 glycol based pre-flight ground deicing process.  InfraTek offers substantial
 savings to airports and airlines by reducing treatment costs and the
 environmental impact of glycol.
     The InfraTek Radiant Deicing System is now in use at Newark International
 Airport, Buffalo Niagara International Airport and Rhinelander-Oneida County
 Airport, Wisconsin.  Another center is currently being installed at
 Kalamazoo-Battle Creek International Airport in Michigan. In addition to it's
 U.S. based sales organization, Radiant has a marketing agreement with
 Lufthansa Engineering and Operational Services GmbH to promote the
 installation, sale, maintenance and service of Radiant's InfraTek system in
 Europe and Scandinavia.
     The common shares of Radiant Energy Corporation trade on the CDNX under
 the symbol "YRD".  There are 14,026,665 common shares outstanding.  BCSC holds
 approximately 20% of the outstanding common shares of Radiant Energy
 Corporation.  All prices indicated above are quoted in U.S. dollars.
 
     This press release contains forward-looking statements.  The Company's
 actual results might differ materially from those projected in the forward-
 looking statements.  Additional information concerning factors that could
 cause actual results to differ materially from those in the forward-looking
 statement is contained in the Company's periodic reports filed with the
 Securities and Exchange Commission.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X52007486
 
 SOURCE  Radiant Energy Corporation