Date:
3/5/99 7:41:17 PM
Dateline:
TORONTO, ONTARIO
Stock Symbol: Wire: ISDN
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
VERSUS Technologies Inc. today filed a final prospectus in all of
the provinces of Canada for an initial public offering and a
secondary offering of 4,067,500 common shares in the capital of
the Company at a price of $11.50 per common share. The common
shares are conditionally approved for listing on The Toronto
Stock Exchange and the Montreal Exchange with the stock symbol
"V" reserved for the Company.
The offering is being sold through a syndicate of underwriters
led by Yorkton Securities Inc. and includes CIBC Wood Gundy
Securities Inc., Merrill Lynch Canada Inc. and RBC Dominion
Securities Inc. It is expected that the offering will close on or
about March 12, 1999.
The net proceeds of the treasury offering will be used for
marketing E*TRADE Canada(R), the Company's on-line retail
investing service; for investments in technology focused on
enhancements to The VERSUS Network, the technology backbone of
the Company's retail and institutional business; and for general
corporate and working capital purposes.
VERSUS, together with its wholly-owned subsidiary VERSUS
Brokerage Services Inc., is a leading provider of electronic
securities trading services to the Canadian marketplace. The
Company develops, distributes and provides access to electronic
securities trading services and related products for both retail
and institutional investors through its electronic trading
network. The Company's retail business is marketed exclusively in
Canada under the E*TRADE Canada name and delivers on-line
investing services through its branded Internet site
(http://www.canada.etrade.com). The Company's institutional business is
offered throughout North America and provides institutional
investors and investment dealers with automated trade execution
products and services as well as specialised information
management, trading and analysis tools.
VERSUS' Chairman and Chief Executive Officer, Douglas Steiner,
said "I am looking forward to continuing to build our business
for the benefit of our shareholders."
VERSUS Technologies Inc. and VERSUS Brokerage Services Inc. are
headquartered in Toronto, Canada. VERSUS Brokerage Services Inc.
is a member of the Investment Dealers Association of Canada and
the Canadian Investor Protection Fund.
E*TRADE Canada(R) is a registered trade-mark of E*TRADE Group,
Inc. used under license. E*TRADE Securities, Inc. (Member
NASD/SIPC), and its parent company, E*TRADE Group, Inc., are
headquartered in Palo Alto, California.
These securities have not been and will not be registered under
the United States Securities Act of 1933, and may not be offered
or sold in the United States absent registration or an applicable
exemption from such registration requirements.
For further information:
VERSUS Technologies Inc.
Suite 3810
181 Bay Street
Toronto, Ontario
M5J 2T3
Attention: Customer Service
Telephone: (416) 214-1960
1-800-663-9360
Facsimile: (416) 941-8931
E-mail: media@tradeit.com
versus.ca
canada.etrade.com
Media Contact:
Deborah Thompson
Telephone: (416) 214-6276
1-800-663-9360
Facsimile: (416) 941-8931
E-mail: dthompson@tradeit.com
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