TORONTO, Aug. 29, 2002 (PRIMEZONE) -- Telesis (TSX Venture Exchange:TNC) (OTCBB:TNCVF), a developer and marketer of data acceleration software, today announced that it has closed a private placement of 3,125,000 Units at a price of C$0.16 with aggregate net proceeds of C$486,875
Each Unit consists of one share and one non-transferable share purchase warrant which entitles the holder to purchase one share of the Company at a price of C$0.20 per share if purchased before July 30, 2004.
In connection with the placement, Telesis has also issued 46,875 Units to Octagon Capital Canada of Toronto, Ontario and 58,594 Units to Jones, Gable, & Company Limited of Toronto, Ontario in consideration of their having acted as agents in connection with the private placement.
The shares forming part of the Units, or which may be issued upon exercise of the warrants forming part of the Units, will be subject to a hold period expiring on November 30, 2002.
The net proceeds of the private placement will go towards general working capital.
About Telesis
Founded in 1989, Telesis North Communications Inc. ("Telesis") (TSX Venture Exchange:TNC) (OTCBB:TNCVF) 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.