E-College was not the first. Here is a little company from Ottawa (semi-spinoff from Newbridge Networks) that does the same thing and even more that went public just days before ecollege and its market cap is MUCH LESS !: Learnsoft Corporation announces successful initial public
offering
Symbol: LT
Industry: CPR
Subject: INI
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: LEARNSOFT CORPORATION
CDNX SYMBOL: LT
DECEMBER 10, 1999
Learnsoft Corporation announces successful initial public offering
OTTAWA, ONTARIO--Learnsoft Corporation, a world leader in delivering
management training programs to the advanced technology industry, announced
today that it has successfully closed its initial public offering. The IPO consisted of 3,750,000 million units at a price of $0.20 per unit, for
proceeds of $750,000 and 6,350,000 common shares issuable upon exercise of
6,350,000 special warrants for an additional $1,270,000 in equity funding.
Learnsoft's common shares and special warrants are listed on the Canadian
Venture Exchange (CDNX) under the symbol "LT" and began trading this
morning. Canaccord Capital Corporation acted as the underwriter for
Learnsoft's initial public offering.
The net proceeds from this offering will be used for development of
courseware for Learnsoft's executive Master of Business of Administration
(eMBA) programs, Internet-based Electronic Management Training (eMT), and
Linux- and Java-based application software for the company's One World
Schoolhouse, a software technology platform that supports interactive
Internet and Intranet courses. In addition, proceeds will be used for
marketing and distribution of these products.
"We are extremely pleased with the outcome of this initial public
offering," said Michael Gaffney, president and CEO of Learnsoft Corporation. "We feel that we have developed the world's best technology
platform for computer-based distance learning and the money raised enables
us to continue development of our products.
"Our initial public offering also enables us to launch a national and
international marketing campaign," Gaffney said. "And it provides a
mechanism for our shareholders to recognize the value of both Learnsoft and
its leading-edge technology."
About Learnsoft Corporation
Formed in 1996 by Michael Gaffney, after leaving Newbridge Networks
Corporation, Ottawa-based Learnsoft Corporation (CDNX: LT) was created in
response to the growing training requirements of the fast-paced high
technology industry. Learnsoft has quickly become a highly respected
education provider and a world leader in designing and delivering
educational products and software. The company has tapped into the growing
market for electronic learning by offering online education products,
ranging from individual interactive business courses to an entirely
Internet-based university. Clients have included: Bell Canada, Nortel Networks Ltd., Cisco, Telus, Newbridge Networks Corporation, and Aliant
Communications. For more information, please visit Learnsoft's Web site at
www.learnsoft.ca. |
