INSTEP MOBILE COMMUNICATIONS - FUNDING FOR NEW DIRECTION WIRELESS INTERNET
SOLUTION LOOKS LIKE A BREAKTHROUGH
VANCOUVER, June 8 /CNW/ - InStep Mobile Communications Inc.
VSE TRADING SYMBOL: ISB
InStep Mobile Communications (VSE: ISB) recently announced a ''proof of
concept'' trial of a new, innovative Wireless Internet Dispatching solution
(eDispatch). In collaboration with BC TEL Mobility, Mitsubishi Wireless
Communications Inc, and Samsung Telecommunications, the ''eDispatch Proof of
Concept'' program is now underway (see press release ''InStep and BC TEL
Mobility Join Forces to Test Market a New Service'' dated March 17, 1998).
InStep has combined their proven wireless data software with BC Tel Mobility's
telecommunications capability to offer the mobile worker an economical and
easy to use dispatch system: eDispatch. As a result, smaller ''field service''
fleets will have access to most of the data dispatch and tracking features
that are currently employed by large companies - at a fraction of the cost!
Five leading firms, each with different operational requirements, have signed
up as beta customers for this new program.
In the Fall of 1998, InStep plans to launch this new bundled service into
commercial operation, in both Canada and in the US. In order to fund the
first phase of this new direction, the Company is pleased to announce that the
non-brokered private placement of a total of 1,071,429 units at a price of
$0.70 per unit has closed, resulting in net proceeds to the Company of
$697,500. Each unit consists of one common share at a price of $0.80 per
share and one non-transferable share purchase warrant entitling the holder to
purchase one additional share at a price of $0.80 per share until June 1,
1999. All shares and all shares issuable pursuant to the exercise of the
warrants are subject to a 12-month hold period expiring June 1, 1999. A
finder's fee of $52,500 was paid to an arm's length party in respect of the
private placement.
About InStep
------------
InStep Mobile Communications Inc. supplies mobile resource management
systems using real time wireless dispatch. InStep specializes in
transportation and field service applications, which operate on a variety of
wireless networks. The technology has been proven with installations around
the world, with taxi, courier and field service applications in Canada, the
US, Europe, Mexico, Central America and Asia. InStep is now building on their
experience and technology base and applying it to the new eDispatch bundled
concept, where the dispatch service, phone and airtime are all provided for
one affordable monthly fee.
This news release was prepared by the undersigned on behalf of the
Company's Board of Directors, who take responsibility for its contents
On behalf of the Board of Directors of
INSTEP MOBILE COMMUNICATIONS INC.
Per: D.J. Morris
Director
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: Jeff Morris, Director of Marketing,
(604) 320-2103, jeff@instepmobile.com |
