eDispatch.com Wireless Data Inc. Announces Closing of
$13.8 Million Underwritten Special Warrant Financing
Vancouver, B.C. ? November 10, 1999 - eDispatch.com Wireless Data Inc. (VSE.EWD) today announced the closing of its underwritten private placement of 6,731,708 Special Warrants at a price of $2.05 per special warrant through a syndicate comprised of Sprott Securities Limited, Research Capital Corporation and Dundee Securities Corporation. The Special Warrants sold by the Company included the exercise by the Underwriters of a 15% over allotment option. Gross proceeds from the placement were approximately $13.8 million.
Each special warrant is exercisable, without payment of any additional consideration, into one common share of the Company. At Closing, approximately $1.4 million of the net proceeds of the offering were released to the Company and approximately $12.1 million of the proceeds were deposited into escrow under the special warrant indenture creating the Special Warrants to be held until such time as receipts have been received for the Company's qualifying prospectus for the common shares underlying the Special Warrants. If a receipt for the prospectus has not been obtained in jurisdictions in which the prospectus is filed within 90 days of Closing, each Special Warrant will be retractable at the option of the holder.
Brian J. Ellis, President and Chief Executive Officer of the Corporation said "this financing will allow the company to accelerate sales and marketing initiatives in key strategic areas. On behalf of the Board of Directors and the employees, I would like to thank all who participated in this subscription".
eDispatch.com develops, markets and licenses Internet Appliance application software to Wireless Network Operators worldwide. The Company also provides related services such as application hosting, support and maintenance. The products are designed to be used on the data enabled public wireless communications networks with standard Internet Appliances, such as new generation digital cell phones, two-way pagers, PDA's and CE devices.
The Company's first application software product is "eDispatch", a wireless Internet dispatch solution that extends mobile workforce management to the field. The product includes hosted software applications, wireless connectivity middleware, and back-end system integration software.
For more information contact:
Brian J. Ellis,
President and CEO,
eDispatch.com
(604) 320-2100
bellis@edispatch.com
edispatch.com
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