Vengrowth Announces
Purchase of Telepanel Special Warrants
The VenGrowth Investment Fund Inc. announced that it has acquired 1,469,652 special
warrants of Telepanel Systems Inc. at a price of $3.30 per special warrant. Each special
warrant is convertible into one common share and one half of a common share purchase
warrant. Each purchase warrant entitles the holder to acquire an additional common share
at an exercise price of $4.00 for 24 months.
VenGrowth currently owns 336,447 common shares of Telepanel, which VenGrowth
understands represents approximately 1.8% of the total issued and outstanding common
shares. Together with securities previously acquired by VenGrowth, the special warrants
acquisition will result in VenGrowth holding securities convertible or exercisable into
(assuming such conversion or exercise rights are fully exercised) 6,127,426 common
shares, which would represent approximately 23.3% of the then outstanding common
shares. VenGrowth has no current intention of acquiring any additional securities of
Telepanel and, pursuant to its governing legislation, VenGrowth is not permitted to acquire
previously issued securities in the market.
About VenGrowth
VenGrowth is one of Canada's most experienced and respected venture capital
management groups, widely known and trusted in the industry. Since its inception in 1982,
VenGrowth has attracted more than $650 million from 100,000 investors. By investing in
some of Canada's most successful companies - such as Tundra Semiconductor, Inlogic
Software, Electrophotonics, Cambrian Systems, and Genesis Microchip - the portfolio has
appreciated significantly. The combination of capital raised plus portfolio appreciation has
nearly doubled VenGrowth's total assets under management to nearly $1 Billion.
VenGrowth's core strength lies in its highly experienced investment management team. The
company has eleven investment professionals who collectively have over 100 years venture
capital expertise. Investee companies benefit from VenGrowth's substantial experience,
resources, and hands-on investment style, which has served dozens of Canadian
businesses during the past two decades. TEL: (416) 971-6656 Michael Cohen, Managing
Director,
IMHO this company does not throw good money after bad.
RJQ |
