Current Technology Restructures Debt Totalling $1,642,039 USD

VANCOUVER, British Columbia, Sept. 1 /PRNewswire-FirstCall/ -- The following was issued today by Robert Kramer, Director, Current Technology Corporation (OTC Bulletin Board: CRTCF.OB):

Current Technology Corporation (the "Company") announced today that it has agreed with Keith Denner, its principal shareholder and creditor, to extend and restructure his credit facility with the Company. Mr. Denner agreed to extend the maturity of the credit facility from January 19, 2010 to January 22, 2011 and to reduce the interest rate during the extension period to one percent (1%) under the prime interest rate from 10% per annum if the facility is paid prior to its maturity date. Including his 2009 advances, the principal and accrued interest on the credit facility was $1,642,039 at August 31, 2009, an increase of $322,320 since September 2008. All other terms of the credit facility, as last amended in September 2008, remain the same.

In connection with the extension, the Company reduced the exercise price on Mr. Denner's warrants and the conversion price on his convertible debt to $0.08 per share, the closing price on August 31, 2009. Mr. Denner shall also have the right to convert all or a portion of the credit facility on the same price and terms as any future private placement. He received no cash consideration or additional warrants in connection with the extension.

Mr. Denner also granted Robert Kramer, the President of the Company, an option to purchase 3,000,000 shares of his common stock at a price of $.38 per share. Mr. Denner had granted Mr. Kramer a similar option that expired on July 5, 2009. The terms of the new option are the same as the original grant, except that the options vest if certain corporate milestones are achieved by September 1, 2010 and they will now expire on January 22, 2011.

After taking into consideration the foregoing transactions, Mr. Denner owns 16,219,266 common shares (representing approximately 10.04% of the issued and outstanding shares of the Company) and warrants to purchase an additional 32,748,933 common shares. In the aggregate, after giving effect to the exercise of Mr. Denner's warrants and the conversion of the Note (and prior to the exercise or conversion of any options, warrants or other convertible securities of the Company by any other holder thereof), Mr. Denner would beneficially own under applicable securities law 31.04% of the deemed outstanding shares of the Company. This percentage will be reduced proportionately if other holders exercise their existing options and warrants previously issued by the Company. All of the foregoing numbers are effective as of August 31, 2009.

The shares and warrants were acquired for investment purposes and Mr. Denner has no present intention to further increase his beneficial ownership of or control or direction over the shares. Mr. Denner may in the future take such actions in respect of his holdings as he deems appropriate in light of the circumstances then existing, including the purchase of additional shares or other securities of the Company through open market purchases or privately negotiated transactions, or the sale of all or a portion of his holdings in the open market or in privately negotiated transactions to one or more purchasers.

In connection with the foregoing transactions, Mr. Denner, who has been an investor in the Company for more than a decade, said, "The extension, reduction in interest rate and additional fundings I made affirm my support and confidence in Current Technology, its 62% owned subsidiary Celevoke, Inc. ("Celevoke") and their management teams. Current Technology CEO Robert Kramer and Celevoke CEO Chuck Allen have accomplished a great deal during this past year under very difficult market conditions. I am especially encouraged by a number of milestones: Celevoke's involvement with T-Mobile, its recent initiative with Triple Protection Auto Care, Inc., an industry leader in the domestic auto market, its continuing relationship with Travelers and Geico, and its corporate partnership with the FBI-Law Enforcement Executive Development Association, Inc. All of these items were the subjects of recent press releases."

Robert Kramer, Company CEO, said "We are particularly grateful to Keith Denner for his financial and other support and the confidence he has shown in our Company with the extension, modification and increase of his credit facility."

Forward Looking Statement

This news release contains forward-looking statements regarding future events and Current Technology's future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). These statements are based on current expectations, estimates, forecasts, and projections about the industry in which Current Technology operates and the beliefs and assumptions of Current Technology's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Current Technology's future financial performance, Current Technology's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified elsewhere herein and Current Technology's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 under "Risk Factors." Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Current Technology undertakes no obligation to revise or update any forward-looking statements for any reason.

SOURCE Current Technology Corporation