MONTREAL (Quebec), December 22, 2010 – Alphinat Inc. (TSX Venture: NPA) a leader in innovative Software for the Smart Enterprise™, announces that it has completed the closing of the first tranche of a private placement of units for a minimum gross proceeds of $500,000 and a maximum gross proceeds of $1,000,000 at a price of $0.10 per unit, each unit comprised of one common share and one eighth of a common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.12 on or before December 22, 2013. The net proceeds from the private placement will be used to fund the expansion of the sales and marketing team as well as for working capital purposes. The units have been sold to “accredited investors” in the Province of Québec and elsewhere on a prospectus-exempt basis. The second tranche closing is expected to occur no later than January 31, 2011.

The closing of this first tranche results in the issuance of 7,625,000 units at a price of $0.10 for an aggregate gross proceeds to Alphinat of $762,500.

In connection with the private placement, Alphinat will pay to Capital CCFL s.e.n.c. (, an Exempt Market Dealer registered with the Autorité des marchés financiers, a finder’s fee in a maximum amount equal to 6% of the gross proceeds of the private placement raised through CCFL Capital and grant compensation options to Capital CCFL to purchase up to 6% of the common shares issued in connection with the private placement. Each compensation option will entitle its holder to acquire one additional common share of Alphinat at a price of $0.10 on or before December 22, 2015.

In connection with the private placement, one investor had irrevocably agreed to subscribe for a minimum amount of $300,000 and agreed to provide Alphinat with a subscription commitment for an additional maximum amount of $200,000 should the minimum private placement amount of $500,000 not be met by January 31, 2011. In consideration of this subscription commitment, Alphinat has granted the investor 300,000 common share purchase warrants. Each such whole warrant entitles its holder to purchase one additional common share at a price of $0.12 on or before December 22, 2013.

The common shares and warrants issued by Alphinat under the private placement are subject to a four-month hold period expiring on April 23, 2011, in accordance with applicable securities laws. The first closing of the private placement has increased the number of issued and outstanding common shares of Alphinat to 45,078,612. The private placement is subject to final regulatory approval from the TSX Venture Exchange.

About Alphinat

At Alphinat, we are driven by the passion to make secure low-code/no-code application and portal development a reality and easier for everyone. We enable the people with the vision and process knowledge to create great finished applications that IT can more easily deploy in their secure environments. With SmartGuide we provide an easy to use low-code tool and derivative solutions such as SmartGuide for “Dynamics 365 targeted for G&Cs that meet the client’s most critical needs empowering all lines of business to leverage their own process knowledge and expertise to self-serve.

SmartGuide brings you new ways to empower the right people with tools for success at the right time in the application development process. At the same time, we are constantly working to reduce the need to code in order to make application development and maintenance simpler.

So whether you choose to develop your applications with the help of our low-code platform SmartGuide®, kickstart your project using one of our pre-built or derivative apps or engage us or one of our partners to do the work for you, we’re here to help you deploy secure applications in record time.

Alphinat provides a safe and secure workplace and remains an equal opportunity employer promoting our passion for productivity. With that mantra we have issued ourselves a challenge to find and promote the best minds and freely share ideas.

Forward-looking statements

Certain statements in this document, including those which express management’s expectations or estimations with regards to the Company’s future performance constitute «forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward- looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. A number of factors could cause significant differences between actual results and those described in forward-looking statements. These include, but are not limited to, the Company’s capacity to increase acceptance of its products on the market, and to penetrate new markets; the potential existence of defects or undetected problems in the Company’s products; the Company’s ability to manage its growth; the Company’s ability to compete with others; potential commitments; maintaining the Company’s intellectual property rights and defending against litigation putting those rights in question; the Company’s reliance on the knowledge of its key personnel; and the Company’s access to sufficient capital to finance its future needs. This is a partial and non-exhaustive list of factors that could bear on any of our forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to Alphinat or to any individual expressing them in the name of the Company. The Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances. Risks and uncertainties that bear on the Company are described in greater detail in the Company’s Annual Report.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.