INSTEP ANNOUNCES 93% OF WARRANTS EXERCISED
VANCOUVER, Aug. 18 /CNW/ - InStep Mobile Communications (VSE: ISB) is
pleased to announce that it has received $672,000 from the exercise of common
share purchase warrants and has issued 2,240,000 common shares accordingly.
Of the 2,400,000 warrants outstanding, 2,240,000, or 93%, were exercised.
The warrants were part of the distribution on August 12, 1997 of 2,400,000
Units at a price of $0.25 per Unit. Each Unit consisted of one common share
and one common share purchase warrant. Each common share purchase warrant
entitled the holder to purchase one common share at a price of $0.30 up to and
including August 12, 1998 and for $0.60 subsequently if exercised by August
12, 1999.
Peter Bradshaw, President & CEO of Instep stated, ''We are extremely
pleased with the response from our investors. These additional funds will
enable our company to pursue aggressively its eDispatch.com initiatives with
the wireless carriers and establish an eDispatch.com Value Added Reseller
program in North America.''
About eDispatch.com
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eDispatch.com, InStep's Wireless Internet Dispatch solution, offers a
breakthrough in mobile resource management: a simple way for cost-conscious
fleet users to receive the significant operational benefits from the powerful
combination of computer automated dispatching, wireless data and the Internet.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. |
