Coretec Announces Update on Private Placement and Formation of Special Committee to Review Offers

TORONTO, ONTARIO, Nov 08, 2009 (MARKETWIRE via COMTEX) --
CYY | Quote | Chart | News | PowerRating -- Coretec Inc. ("Coretec" or the "Corporation"), (TSX: CYY), a leading
designer and fabricator of printed circuit boards for the prototype
and quick turnaround production markets, announced today that it has
recently received proposals from third parties with respect to a
possible sale of Coretec. Coretec continually investigates any and
all opportunities presented to it which could enhance shareholder
value. To assist it in reviewing the proposals, Coretec has formed a
special committee of its board of directors comprised of Saleem
Dedhar, Peter Murphy and Walt Custer. There can be no assurance that
a transaction will result from any of the various proposals. As a
result of its review of the proposals, Coretec has obtained an
extension to the closing date of its previously announced private
placement of debentures and warrants to November 30, 2009. There can
be no assurance that Coretec will complete the previously announced
private placement on the terms announced or at all.

About Coretec

Coretec is one of the leading designers and fabricators of printed
circuit boards for the prototype and quick turnaround production
segments of the North American and European markets. Coretec
distinguishes itself from its competitors by providing an extensive
suite of printed circuit board services including field applications
engineering support and education; technology roadmap consulting, CAD
layout; rapid response manufacturing for prototypes; quick turn
production for small-to-middle volume quantity requirements; and
facilitation of higher volume requirements via partnerships in lower
cost jurisdictions. The Company is also differentiated by its broad
range of PCB technologies.

Caution Regarding Forward Looking Information

This news release contains "forward-looking statements" within the
meaning of the United States Securities Litigation Reform Act of
1995, and applicable Canadian Securities Legislation. Forward-looking
statements include, but are not limited to, statements with respect
to financial performance, opportunities, new market for growth and
financial position. Generally these forward-looking statements can be
identified by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecast", "intends", "anticipates", or "does not
anticipate", or "believes" or variations of such words and phrases,
or state that certain actions, events or results "may", "could",
"would", "might", or "will be taken", "occur", or "be achieved".
Please be cautioned that any such forward-looking statements are not
guarantees of future performance and involve significant risks and
uncertainties. Actual results or developments may vary materially
from those projected or implied in the forward-looking statements as
a result of any number of factors, including currency exchange rate
fluctuations; variability of operating results; dependence on certain
industries; management of growth and expansion; integration of
operations; ability to attract and retain key personnel; nature of
sales; product complexity and product defects; international
operations; material cost fluctuations and limited availability of
raw materials; potential loss of customers; competition; industry
contraction and slow economic growth; technological change and
process development; environmental liability; need for additional
financing; product liability; pricing pressure; ability to reduce
costs; and other risks discussed in the section entitled "Risk
Factors" in Coretec's Annual Information Form dated March 26, 2009
which can be obtained at www.sedar.com.

Contacts:
Coretec Inc.
Paul Langston
Chief Executive Officer
416-208-2160
langston@coretec-inc.com

Coretec Inc.
Aaron Ames
Chief Financial Officer
416-208-2165
aames@coretec-inc.com

SOURCE: Coretec Inc.

mailto:langston@coretec-inc.com
mailto:aames@coretec-inc.com

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