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Press release from Marketwire

Poseidon Concepts Corp. Announces Closing of Bought Deal Financing and Exercise of Over-Allotment Option

Thursday, February 02, 2012

Poseidon Concepts Corp. Announces Closing of Bought Deal Financing and Exercise of Over-Allotment Option08:47 EST Thursday, February 02, 2012CALGARY, ALBERTA--(Marketwire - Feb. 2, 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 LAW.Poseidon Concepts Corp. (TSX:PSN) ("Poseidon" or the "Company") is pleased to announce that it has closed its previously announced bought deal prospectus financing (the "Financing"). Pursuant to the Financing, the Company has issued a total of 6,347,000 Common Shares at a price of $13.00 per share for gross proceeds of $82,511,000. The syndicate of underwriters was led by National Bank Financial Inc. and included 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. (collectively, the "Underwriters"). The Underwriters have exercised the over-allotment option for the Financing in full.The Company intends to use the net proceeds of the Financing for further tank construction, new product development, and to reduce bank indebtedness.The Common Shares issued under the Financing 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 Common Shares 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 81.1 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 ( www.poseidonconcepts.com ). 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. 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; and other risks and uncertainties described from time to time in the filings we make with securities regulatory authorities. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributed to Poseidon or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Additional information on the foregoing risks and other factors that could affect Poseidon's operations and financial results are on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Poseidon does 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.FOR FURTHER INFORMATION PLEASE CONTACT: Lyle D. MichalukPoseidon Concepts Corp.Chief Executive Officer403-262-9280ORMatt C. MacKenziePoseidon Concepts Corp.Chief Financial Officer403-206-6107www.poseidonconcepts.com