Attention Business Editors:
Global Data Announces $5 million Agency Agreement with Octagon Capital Corporation
- Proceeds to be used to fund acquisition of StarComm Products, Inc.,
accelerate product development, and for working capital purposes -
Toronto Stock Exchange Symbol: GI
TORONTO, Jan. 28 /CNW/ - GDI Global Data Inc. ( "Global Data") (TSE:GI)
announced today that it has entered into an agency agreement with Octagon
Capital Corporation relating to an offering of up to $5 million in Special
Warrants of Global Data.
Under the terms of the agreement, each Special Warrant will entitle the
holder to acquire One Common Share at a price of $1.00. Completion of the
offering is expected to close on or before February 24, 2000. This financing
agreement is subject to regulatory approval. The proceeds from this agreement
will be used to fund the acquisition of StarComm Products, Inc., accelerate
product development and provide additional working capital to implement Global
Data's business plan.
Global Data, based in Toronto, Ontario and Amherst, New Hampshire, offers
wireless data collection and communications products and services through its
two business units: Global Data Wireless and Granite Communications. Global
Data Wireless designs, develops, markets and supports products and services
for automated meter reading and remote telemetry applications for the electric
power and gas industries. Granite Communications designs, develops, markets
and supports application-specific hand-held data collection computing products
that integrate wireless local area networking and bar code data capture
technologies. Global Data's common shares trade on The Toronto Stock Exchange
(TSE: GI). Global Data can be reached through the Internet at
globaldata.com. |
