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Herewith from company website: www.smartsales.com
SmartSales Inc. Completes $477,575 Private Placement Financing
TORONTO, July 28, 1998 - SmartSales Inc., a publicly-traded Canadian corporation (Alberta Exchange: SA) specializing in desktop software for managing corporate sales forces, announced today that it has completed its financing through Corporate Finance (Bermuda) Limited. A total of $477,575 was raised through the issue of 2,094,628 Units of the Corporation at a price of $0.228 per Unit. The total number of issued Units included a finders fee of 182,346 Units paid to GSD Limited.
Each Unit consists of one common share of the Corporation, plus one share-purchase warrant entitling the holder to purchase one common share of the Corporation at a price of $0.24 per share, expiring July 28, 2000. Both the shares and warrants are restricted from trading in Ontario and Alberta for a period of 90 days. The Units were sold on a private placement basis to DJ Limited, Corporate Finance (Bermuda) Limited and Joseph Kelley Fritz, all of which are non-residents of Canada
As indicated in the prior release, the funds from this transaction will be used by SmartSales to accelerate the market deployment of its popular SmartSales™ software, and to enhance market opportunities with existing and new clients, particularly those in the financial services sector.
Mr. Peter Smith has resigned as a director, Chief Financial Officer, and Secretary-Treasurer of SmartSales Inc. Mr. Selwyn Wener was appointed Chief Financial Officer and Secretary-Treasurer of SmartSales. Mr. Wener has been the CFO for a number of high technology and communications companies and most recently was the CFO for SoftQuad International Inc., which is listed on NASDAQ and TSE.
Ms. M. Joslin Bennett who is a Principal of Corporate Finance (Bermuda) Limited and Managing Director and President of Treleven Limited, a Bermuda based technology investment company was appointed a director of SmartSales Inc. to fill the vacancy created by Mr. Smith's resignation.
Corporate Finance (Bermuda) Limited is an international Bermuda corporation offering recognized expertise in funding, investment and financial engineering, particularly for select micro-cap companies.
SmartSales is a software developer specializing in sales opportunity and pipeline management software that allows companies to objectively manage their sales force and accurately forecast revenue, the critical life blood of every business. SmartSales mission is to provide high quality and easy to use software that allows companies to better manage and improve their sales organization, thereby maximizing their revenue potential. Major clients currently using SmartSales™ include the Royal Bank of Canada, Toshiba Corporation, and CitiBank Corp. The Company also recently entered into a distribution agreement with ACCPAC International Inc. to market and distribute a private-label version of SmartSales™. |
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