TORONTO, July 10, 2002 (PRIMEZONE) -- Telesis (TSX Venture Exchange:TNC) (OTCBB:TNCVF), a developer and marketer of data acceleration software, today announced a private placement. The placement will be for 3,125,000 Exchangeable Units at price of Cdn$0.16 for total proceeds of $500,000.
Each Exchangeable Unit will be convertible, at no additional cost, into units of Telesis ("Telesis Units"). Each Telesis Unit will be comprised of one common share of Telesis and two warrants. One warrant will entitle the holder to purchase one additional Telesis common share at a price of Cdn$0.20 if exercised within 24 months from closing of the private placement and the other warrant will entitle the holder to purchase one additional Telesis common share at a price of Cdn$0.50 if exercised within 24 months from closing of the private placement.
In connection with this placement, Telesis has agreed to issue an aggregate of up to 105,469 Telesis Units and up to Cdn$9,375 in cash to entities acting in a capacity as agents, subject to TSX approval.
Proceeds of the private placement will be used for general working capital. The units in Telesis will be subject to a hold period of four months from the closing, in accordance with TSX policy.
About Telesis
Founded in 1989, Telesis North Communications Inc. ("Telesis") develops and markets data acceleration software for wireless and landline networks. The Company's core product, OVERDRIVE(tm), allows ISPs and wireless carriers to accelerate the effective performance of their networks by up to 10 times, resulting in cost savings and greater customer satisfaction. For accessing email, the web, or any corporate application, Telesis "makes data move faster." Telesis is headquartered in Toronto, Canada with a regional office in the UK. The Telesis web site can be found at www.telesis.ca.
Microsoft and Microsoft Exchange are either registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries. Other product and company names herein may be trademarks of their respective owners.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created by these sections. Such forward looking statements, particularly as related to the business plans of the Company, expectations of strategic relationships, business opportunities, acquisitions of capital equipment, availability of investment capital and future financing, and the Company's ability to gain market share, are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the Company's expectations and estimates.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.