ESP closes on its financing and is working toward a listing on Nasdaq. I took a position yesterday.
biz.yahoo.com
Tuesday April 20, 9:16 am Eastern Time
Company Press Release
SOURCE: SLM Software Inc.
SLM Software closes C$30 million financing
SLM TSE Symbol: ESP
TORONTO, April 20 /CNW-PRN/ - SLM Software Inc., a leading global provider of electronic financial transaction solutions for the e-commerce market, announced that it has completed its approximately C$30 million private placement with InSight Capital Partners and its affiliates, a U.S-based global private equity investment firm. The financing was comprised of approximately C$24 million of debentures convertible into non-voting preferred shares, convertible into approximately 3.7 million common shares at a conversion price of C$6.50 per share; and approximately C$6 million of redeemable debentures and three-year warrants for 250,000 common shares at C$6.50 per share, subject to regulatory and shareholder approvals. Proceeds will facilitate the launch of SLM's electronic commerce network in the U.S. and to fuel the continued growth of the company.
''We are excited to have InSight as a significant investor and partner in SLM. This relationship with a strong U.S. institutional investor represents our first step toward a NASDAQ listing this year. InSight's extensive know-how and valuable networks in the U.S. market and investment community will help us advance our strategic growth plans,'' said Govin Misir, Chairman and CEO, SLM Software Inc.
About InSight Capital Partners
New York-based InSight Capital Partners is a private equity investment firm that invests in the software-based segments of the information technology industry. The firm is now one of the largest global investors in growing enterprise software and service companies. InSight has built a strong reputation for being a value-added partner to senior management of growing enterprise application software companies. Additional information about InSight Capital Partners is available at www.insightpartners.com.
About SLM Software Inc.
Founded in 1986, Toronto-based SLM Software Inc. is a single source global provider of end-to-end electronic commerce solutions for financial institutions, health care and retail organizations using open system technologies. SLM is the first to offer the financial market the compatibility, flexibility and upward scalability necessary for global electronic service delivery. Its ESP-Link(TM) suite of totally secure e-commerce solutions include ATM networks and services; point-of-sale; debit, credit and smart cards; and Internet and personal computer banking, including cheque imaging and core processing. SLM, with over 500 employees and 30 offices worldwide, serves 1,500 customers in 52 countries on five continents. In the US, SLM provides services to over 400 banks through its national network of 15 data processing centres.
SOURCE: SLM Software Inc. |
