NewSys Completes $8.25 Million Special Warrant Offering; Funds To Expand E-Business Solutions Strategy
March 24, 2000
OTTAWA, ONTARIO--NewSys Solutions Inc. ("NewSys" or "The Company")
(CDNX: NSS) today announced that it has completed a private
placement of 3,000,000 Special Warrants at a price of $2.75 per
Special Warrant for aggregate gross proceeds of $8,250,000. The
financing is pursuant to an agreement signed with Yorkton
Securities Inc. This syndication also included Canaccord Capital
Corp.
Each Special Warrant shall entitle the holder thereof to acquire
one Unit at no additional cost. Each Unit shall comprise one
common share and one-half share purchase warrant ("Warrant"). Two
half-warrants plus $3.75 shall entitle the holder to acquire one
common share on or before twelve months from the Closing Date.
Mark Quigg, President and CEO of NewSys, commented, "We are very
pleased to be closing this private placement, the largest in the
Company's history. The strong support we have received from the
investment community is a powerful endorsement of our strategy to
build-out our e-business and internet solutions initiatives while
expanding our BI solutions practice. The closing of this latest
round of financing enables us to accelerate the expansion of
Inbusiness.com Inc. and The Business Media Network Inc. for the
small and medium enterprise ("SME") market."
The Business Media Network Inc. ("BMN") is a diversified
business-to-business ("B2B") media company, with the objective of
developing an audience for online business services. BMN has been
the incubator for the B2B portal - Inbusiness.com Inc.
("inbusiness.com") - which provides business news, e-tools, data
products, and e-commerce applications.
NewSys is an established IT-services company that delivers
solutions for business intelligence, systems integration and
application management -and complements those solutions with a
variety of customized software products. With a team of over 160
IT professionals, NewSys' clients include Fortune 500 corporations
and government departments located in both Canada and the United
States. The Company has recorded 27 consecutive quarters of
profitability and revenue growth and was acknowledged by Profit
Magazine, for the third consecutive year, as one of the fastest
growing companies in Canada. For more information on NewSys'
software and services, please contact the company's web site at
www.newsys.com or telephone (877) 761-9436.
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FOR FURTHER INFORMATION PLEASE CONTACT:
For investor relations:
Linear Capital Corp.
(416) 364-2266
Attention: Tony Croll
tony@linearcapital.com
www.linearcapital.com
or
For NewSys Solutions Inc.:
Sara Piracha
(877) 761-9436
sara.piracha@newsys.com
www.newsys.com |
