Precision Announces Private Placement Up to $3M for Qualifying Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2009) - Precision Enterprises Inc. (TSX VENTURE:PSC.P) (the "Company" or "Precision") is pleased to announce, further to its News Release dated August 6, 2009 announcing a qualifying transaction (the "Transaction"), that it has negotiated, subject to acceptance by the TSX Venture Exchange (the "Exchange"), a brokered private placement with Bolder Investment Partners, Ltd. (the "Agent") for gross proceeds of up to $3,000,000 by the issuance of up to 12,000,000 units at a price of $0.25 per unit, each unit to consist of one (1) common share and one-half (1/2) non-transferable share purchase warrant, each whole warrant entitling the holder to purchase one additional common share of the Company, exercisable for a period of one year from the date of issuance at a price of $0.50 per share (the "Brokered Financing"). The Brokered Financing is proposed to be completed concurrently with the Transaction.

The Company has agreed to pay the Agent a cash commission of 10% of gross proceeds raised and a corporate finance fee in the amount of $10,000 plus GST, payable on closing of the Brokered Financing. In addition, the Company has paid the Agent a work fee in the amount of $10,000 plus GST, and has agreed to issue non-transferable warrants (the "Agent's Warrants") to the Agent entitling it to purchase up to such number of common shares of the Company as is equal to 10% of the total number of units sold under the Brokered Financing. The Agent's Warrants will be exercisable for one year from closing at a price of $0.50 per share.

The Company intends to use the proceeds of the Brokered Financing, among other things, to assist in developing and producing a superior, MindCare Centres branded rTMS unit, to continue patent work, to establish additional clinics, and for general working capital (refer to the Company's News Release dated August 6, 2009).

Completion of the Brokered Financing is subject to a number of conditions, including but not limited to Exchange acceptance of the Transaction and the Brokered Financing.

If the Brokered Financing is not fully subscribed, the Company has arranged for a non-brokered private placement for up to the balance of $3,000,000, on the same terms as the Brokered Financing. The Company may pay finders' fees in connection with the non-brokered financing, which will be payable in accordance with Exchange policies in cash.

The Company anticipates that up to approximately 10% of the units under the Brokered Financing and/or the non-brokered financing will be subscribed for by non arm's length parties (consisting of current insiders of Precision, persons who will be insiders on closing of the Transaction and members of their immediate families).

ON BEHALF OF THE BOARD

Joe DeVries, President and CEO

Forward-Looking Statements:

Certain statements included herein are "forward-looking statements". Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Factors beyond the control of the Company could cause the actual results of operations, exploration or development programmes, or the financial condition of the Company, to differ.