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Press release from Marketwire

Poseidon Concepts Corp. Announces $75.0 Million Bought Deal Financing

Friday, January 13, 2012

Poseidon Concepts Corp. Announces $75.0 Million Bought Deal Financing07:48 EST Friday, January 13, 2012CALGARY, ALBERTA--(Marketwire - Jan. 13, 2012) -NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWPoseidon Concepts Corp. (TSX:PSN) ("Poseidon" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the "Underwriters") led by National Bank Financial Inc. and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., Haywood Securities Inc., Peters & Co. Limited, Canaccord Genuity Corp., Cormark Securities Inc., Dundee Securities Ltd. and FirstEnergy Capital Corp. pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 5,770,000 common shares ("Common Shares") at a price of $13.00 per Common Share for aggregate gross proceeds of $75,010,000 (the "Financing"). In addition, the Underwriters have been granted an over-allotment option, exercisable in whole or in part on, or for a period of 30 days following, the closing date of the Financing, to purchase up to an additional 577,000 Common Shares at a price of $13.00 per share for additional gross proceeds of up to $7,501,000, for total gross proceeds of up to $82,511,000.Net proceeds of the Financing will be used for further tank construction, new product development, general corporate purposes and to reduce bank indebtedness.The Common Shares will be offered in all of the provinces of Canada except Quebec by way of a short form prospectus and in certain jurisdictions outside of Canada, including the United States, on a private placement basis. Closing is expected to occur on or about February 2, 2012 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.POSEIDON CONCEPTS CORP. IS A PUBLICLY TRADED CANADIAN ENERGY EQUIPMENT AND SERVICES COMPANY THAT PROVIDES AN INNOVATIVE FLUID HANDLING SYSTEM TO THE OIL AND NATURAL GAS INDUSTRY ACROSS NORTH AMERICA. POSEIDON HAS APPROXIMATELY 74.7 MILLION COMMON SHARES ISSUED AND OUTSTANDING, WHICH TRADE ON THE TSX UNDER THE SYMBOL "PSN". FURTHER INFORMATION ON POSEIDON'S BUSINESS AND OPERATIONS CAN BE FOUND ON POSEIDON'S WEBSITE ( ). Reader Advisory This news release contains certain forward-looking statements and other information (collectively "forward-looking information") about our current expectations, estimates and projections. Forward-looking information in this news release is identified by words such as "anticipate", "believe", "expect", "plan", "forecast", "target", "could", "focus", "vision", "goal", "proposed", "scheduled", "milestone", "outlook", "potential", "may", "looking forward to", or similar expressions and includes suggestions of future outcomes, including the anticipated use of the net proceeds of the Financing, the closing of the Financing and the timing thereof. Readers are cautioned not to place undue reliance on forward-looking information as our actual results may differ materially from those expressed or implied in the forward-looking statements. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Poseidon and others that apply to the industry generally. The factors or assumptions on which the forward-looking information is based include without limitation: assumptions inherent in our current guidance, including foreign exchange and interest rates; our projected capital investment levels; the flexibility of capital spending plans and the associated source of funding; our ability to generate sufficient cash flow from operations to meet our current and future obligations; our expectations of the demand for tank systems and the general activity of the oil and gas industry; our ability to obtain necessary regulatory approvals in connection with the Financing; and other risks and uncertainties described from time to time in the filings we make with securities regulatory authorities.FOR FURTHER INFORMATION PLEASE CONTACT: Lyle D. MichalukPoseidon Concepts Corp.Chief Executive Officer403-262-9280ORMatt C. MacKenziePoseidon Concepts Corp.Chief Financial