MONTREAL, Nov. 28, 2006 (PRIME NEWSWIRE) -- AbsoluteSKY, Inc. (Pink Sheets:ABSY), developer of RFID-based inventory tracking solutions for the specialty retail market, today announced that it has bolstered its capitalization as it readies for product introduction and next-phase commercialization of its intelliTRACKER product suite.
The Company has raised $1.1 Million through Private Placement under the exemption of Regulation "S" as promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended. A total of 1.8 million shares will be issued from Treasury with the customary restrictions for trading.
In addition, the Company is negotiating a line of credit of $5 Million for a convertible instrument of which $1.5 Million becomes available over the next 90 days. This line of credit will to be used to finance initial orders which are expected shortly thereafter.
"In recent months the Company has announced important agreements with Fujitsu Transaction Solutions, Universal Surveillance Systems and with IBM Global Finance as we prepare for product roll-out and pilot installations in coming weeks," commented Gary Chamandy-Cook, AbsoluteSKY's Chief Financial Officer. "The financings we're announcing today solidly round off our position as we enter this important phase of commercialization."
About AbsoluteSKY, Inc.
AbsoluteSKY, Inc. (Pink Sheets:ABSY) specializes in the design, development and implementation of Radio Frequency IDentification (RFID) technology that provides real-time item-level inventory tracking for retail customers. Based in Montreal, Canada, the company's business model combines strategic, creative and technical skills to deliver solutions that help its clients achieve their business objectives through the use of AbsoluteSKY's breakthrough technology and extensive knowledge of their business operations. For more information visit: www.AbsoluteSKY.ca.
AbsoluteSKY's Safe Harbor Statement
Except for any historic information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, which are subject to section 27A of the Securities Act of 1933 and section 21E of the Exchange Act of 1934, and are subject to safe harbor created by these sections. Any statements that express or involve discussions with respect to predictions, beliefs, plans, projections, objectives, goals, assumptions of future events or performances are not statements of historical fact and may be "forward-looking statements." Forward-looking statements in this release may be identified through the use of such words as "expects," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements, which involve numerous risks and uncertainties, including the Company's ability to market its products and services in a competitive environment as well as other factors.