NEWS RELEASE
INFOWAVE RAISES $9 MILLION FOR WIRELESS COMPUTING BUSINESS
Burnaby, British Columbia, May 10, 1999 - Infowave Software, Inc. (VSE: IWM)
today announced a brokered private placement to be undertaken through
Yorkton Securities Inc., Canaccord Capital Corp., Sprott Securities Ltd. and
Taurus Capital Markets Ltd. (the "Agents"). The private placement will be
for 2,600,000 special warrants to be offered at $3.50 per special warrant.
Each special warrant will be exercisable without payment of additional
consideration for one share of Infowave. Infowave will have veto power on
all proposed subscribers to the private placement.
The gross proceeds of the offering will be $9,100,000. A total of 60% of the
gross proceeds of the offering will be released to Infowave at the closing
of the private placement. The proposed sale of the special warrants is
subject to the approval of the Vancouver Stock Exchange and all other
applicable regulatory approvals and is expected to close on or before May
28, 1999. The remaining 40% of the gross proceeds will be placed in escrow
and will be released to the company upon the issuance of receipts for a
final prospectus. Infowave will use its reasonable efforts to obtain a
receipt for the final prospectus within 90 days after the closing date.
The proceeds of the offering will be used for expanding product development
and market development of Infowave's wireless computing business.
About Infowave
Infowave is a world-class software developer with a proven management team
and powerful strategic alliances. The company was founded in 1984 and is
headquartered in Vancouver, Canada. Infowave's Imaging Division builds
award-winning printing solutions. Infowave's PowerPrint® and StyleScript®
software kits provide Apple® Macintosh® users with improved print quality
and access to more than 1,600 printers. Infowave's Wireless Division builds
mobile business solutions that use the power of wireless communications to
extend the reach of enterprise computing. Infowave for Exchange and Infowave
for the Net are the most advanced and secure wireless solutions for
connecting mobile workers to key corporate information and applications.
Contact Information
Corporate:
Infowave Software, Inc.
Todd Carter, CFO
ir@infowave.com
800-463-6928
Investor Relations:
The Investor Relations Group
Steve Hanson
irg@invrel.com
800-444-9214
Media:
Media Profile
Tanis Robinson
tanis@mediaprofile.com
416-504-8464
© 1999 Infowave Software, Inc.- Infowave, the Infowave logo, PowerPrint and
StyleScript are trademarks of Infowave Software, Inc. All other trademarks
are the property of their respective owners. Some of the above trademarks
may be registered in certain jurisdictions. This news release may contain
certain forward-looking statements that involve risks and uncertainties such
as competitive factors, technological developments and market demand. Actual
results could differ materially from the Company's expectations. The
Vancouver Stock Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
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