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Gold/Mining/Energy : Footmaxx YFT on CDNX -- Ignore unavailable to you. Want to Upgrade?

To: Cush who wrote (24)	2/18/1999 10:36:00 PM
From: Cush	Read Replies (1) \| Respond to of 64

The following news release concerns financing announced yesterday. FOOTMAXX HOLDINGS INC. Number of Common Shares Issued to Date - 34,766,224 CANADIAN DEALING NETWORK SYMBOL: FTMX FEBRUARY 16, 1999 Footmaxx Holdings Inc. - 5 Million Dollar Private Placement TORONTO, ONTARIO--Footmaxx Holdings Inc., ("Footmaxx"), North America's leading supplier of corrective foot orthotics using advanced computer technology, wishes to announce: Footmaxx entered into an exclusive arrangement with Taurus Capital Markets Ltd. of Toronto Canada for the purpose of raising $5.0 million in new capital for the company. The participants are VenGrowth Investment Fund Inc., Royal Bank Capital Corporation and Working Ventures Canadian Fund Inc. The special warrant financing is a 10 percent convertible debenture, convertible at $.50 expiring September 30, 2000. The financing closed today. Footmaxx proposes to use the net proceeds of the offering to continue to increase its manufacturing capacity in the U.S.A., to continue to support its scientific research and information technology, and for the repayment of debt and working capital purposes. To facilitate the new financing, and to help to preserve the company's cash flow as it enters a critical high growth phase, the company's existing debenture holders have agreed to accrue their interest for the balance of the existing debentures' term at which time they convert at $.60. Interest on the new debentures will also accrue and be payable upon maturity. Footmaxx produces and globally markets high quality, state-of-the-art foot orthotics. Footmaxx's proprietary software uses advanced computer techniques to produce individually prescribed and technologically superior foot orthotics which reduce foot, knee, hip and lower back pain and enhance both the comfort and performance level of the wearer.