Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Newsys Solutions Inc A. NSS -- Ignore unavailable to you. Want to Upgrade?

To: BM who wrote (105)	3/13/2000 5:34:00 PM
From: BM	Respond to of 111

NEWSYS FINANCING ARRANGED OTTAWA, ONTARIO-- March 13, 2000 Yorkton Increases Offering by 500,000 Additional Special Warrants NewSys Solutions Inc. ("NewSys") announces that lead agent Yorkton Securities Inc. ("Yorkton") has completed the subscription of the previously announced placement of 2,500,000 Special Warrants, plus an additional 500,000 Special Warrants, bringing the total offering to 3,000,000 Special Warrants, the maximum conditionally approved under regulation. This syndication includes Canaccord Capital Corporation ("Canaccord"). The financing is still expected to close on or about March 15, 2000. In a previous news release, NewSys announced that Yorkton had agreed to act as lead agent for a private placement of 2,500,000 Special Warrants of NewSys (the "Special Warrants") at a price of $2.75 per Special Warrant for gross proceeds of $6,875,000 (the "Financing"). Each Special Warrant shall entitle the holder thereof to acquire Units at no additional cost. Each Unit shall comprise one common share and one-half share purchase warrant. Two half warrants plus $3.75 will entitle the holder to acquire one common share on or before twelve (12) months from the Closing Date. Yorkton's remuneration will include an agent's option to acquire 10% of the number of Special Warrants sold, at a price of $2.75 per Special Warrant (the "Agent's Compensation Options"). NewSys and Yorkton expect the financing to close on or about March 15, 2000 and NewSys has committed to file a prospectus in certain jurisdictions for the purpose of qualifying the Common Shares issuable upon exercise of the Special Warrants within 120 days of the closing date. In the event NewSys fails to obtain a receipt for a prospectus qualifying the Common Shares issuable upon exercise of the Special Warrants within 120 days of the closing date, each holder of Special Warrants will be entitled to receive 1.1 Common Shares and 1.1 Warrant for no additional consideration for each Special Warrant held. The completion of the Financing is subject to regulatory approval. NewSys intends to utilize the additional capital raised pursuant to the Financing for operations and to review, pursue and complete strategic acquisitions. NewSys is an established IT-services company that delivers forward-looking solutions in business intelligence, systems integration and application management -and complements those solutions with a variety of customized software products. With a team of over 170 IT professionals, NewSys' clients include Fortune 500 corporations and government departments located in both Canada and the United States. The Company has recorded 26 consecutive quarters of profitability and growth, and was acknowledged by Profit Magazine, for the third consecutive year, as one of the fastest growing companies in Canada. For more information on NewSys' software and services, please contact the company's web site at www.newsys.com or telephone (877) 761-9436. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Investor Relations Linear Capital Corp. (416) 364-2266 Attention: Tony Croll tony@linearcapital.com www.linearcapital.com or NewSys Solutions Inc. Sara Piracha (877) 761-9436 sara.piracha@newsys.com www.newsys.com