Great News This now sets Jaws up to move forward.
Attention Business Editors:
JAWS Technologies Raises $9.25 Million in Private Placement Financing
Funds to be used for strategic corporate acquisitions, and research and
development for JAWS security software products
CALGARY, January 6 /CNW/ - JAWS Technologies Inc., (JAWZ: OTC-BB)
announced today that it has successfully completed a private placement
financing of approximately US $9.25 million.
JAWS Technologies issued approximately 2.2 million units at a price of US
$4.25 per unit. Each unit consists of one share of common stock, and a
warrant to purchase 1/2 share of common stock at a strike price of $6.50 per
share. JAWS also issued approximately 218,000 warrants to purchase one share
of common stock per unit, to the placement agent, which are exercisable at
$4.25 per warrant. JAWS expects to register these securities for resale in
the United States.
The proceeds will be used for working capital, research and development
and for strategic acquisitions. ``The majority of this financing has been
placed with North American and European institutional investors,' said Riaz
Mamdani, Chief Financial Officer, JAWS Technologies. ``We believe the
participation of these significant institutions is strategically important to
our shareholder base, as they provide additional credibility to JAWS within
the capital markets and demonstrates recognition and support of our long-term
growth opportunities.'
Robert Kubbernus, Chairman and Chief Executive Officer, JAWS Technologies
said, ``with this first significant financing behind us, we can utilize this
capital infusion to continue growing our company throughout the world, most
notably, our Professional Services Division. As well, this funding will help
to ensure a solid launch of the next generation of JAWS security products,
including new versions of JAWS XMAIL(TM) and JAWS MEMO(TM). A new product,
JAWS XMAIL DOMAIN(TM), for Lotus Notes, Microsoft Exchange and the Linux
Operating System will also be launched. We expect to release all of these new
products in the first two fiscal quarters of 2000.'
As a result of the financing, the number of JAWS' shares issued and
outstanding is 23.6 million.
The placement agent for this offering was Thomson Kernaghan & Co.
Limited.
About JAWS Technologies: Information is Power. Protect It.
JAWS Technologies is a leading provider of end-to-end security solutions,
including information security technology products, consulting services and
upon the successful completion of the acquisition of Offsite Data Services,
will offer secure Internet and remote data storage and back-up. JAWS is based
in Calgary, Canada and has offices in Toronto, Canada, Fairfield, New Jersey
and Pasadena, California. Throughout the world JAWS has over 80 employees,
twenty strategic partners, approximately 100 corporate clients and has
distributed approximately 580,000 copies of JAWS XMAIL(TM). JAWS Technologies
is traded on the NASD-OTC BB, under the symbol JAWZ. For more information,
visit the company's website at www.jawstech.com or call 1-888-301-5297.
Except for historical information contained herein, this news release
contains forward-looking statements that involve risk and uncertainties,
including, but not limited to, the risk of delay in the formal launch of
security products. Information on the potential factors that could affect the
Company's actual results of operations are included in its filings with the
Securities and Exchange Commission, including but not limited to its
Registration Statement on Form 10-SB, effective November 1, 1999 and its
quarterly report on Form 10-Q for the three-month period ended September 30,
1999.
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For further information: Kerk Hilton, Director, Investor Relations &
Communications, JAWS Technologies Inc., Khilton@jawstech.com, (403)
508-5055 |
