INSTEP MOBILE COMMUNICATIONS INC. ANNOUNCES FUNDS RAISED FOR
''eDISPATCH'' - WIRELESS INTERNET DISPATCHING SERVICE
VANCOUVER, April 2 /CNW/ - Subject to regulatory approval, the Company
has agreed to sell by way of a non-brokered private placement a total of
1,071,429 units of the Company at a price of $0.70 per unit. Each unit
consists of one common share and one non-transferable share purchase warrant
entitling the holder to subscribe for one additional share at a price of $0.80
per share for a term of 12 months. A cash finder's fee equal to 7% ($52,500)
of the gross proceeds is payable to Northfield Capital Corporation.
The subscription proceeds of $750,000 will be used to finance the
Company's participation, in collaboration with BC TEL Mobility, Mitsubishi
Wireless Communications Inc, and Samsung Telecommunications, in the
''eDispatch - Proof of Concept'' program. (see press release ''InStep and BC
TEL Mobility Join Forces to Test Market a New Service'' dated March 17, 1998)
InStep Mobile Communications Inc. develops real time wireless dispatch
solutions for taxi, courier, and field service applications around the world
with installations in Canada, USA, Mexico, Guatemala, Europe and Asia. The
company is listed on the Vancouver Stock Exchange (symbol: ISB).
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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For further information: Mary Touhey, (604) 320-2100, Fax (604)
320-2101, info@instepmobile.com |
