STAFFORD, Texas, April 29, 2004 (PRIMEZONE) -- Systems Evolution Inc. (OTCBB:SEVI), an information technology services company, is pleased to announce it has entered into an equity financing with South Bank Development Solutions Ltd., whereby the Company sold 887,096 shares of common stock at an average price of $.31 resulting in proceeds of approximately $275,000 in the quarter ended February 29, 2004. South Bank has agreed and funded follow-on investment of $65,000 in the quarter ending May 31, 2004.
Robert C. Rhodes, CEO of Systems Evolution, comments, "This financing demonstrates investor confidence in our company and reflects positively on our ability to provide superior information technology services to our long-term customers and partner relationships."
This Stock Purchase Agreement does not require the Company to file a Registration Statement with the Securities and Exchange Commission ("SEC") covering the shares issuable under this agreement. Additionally, the securities sold have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration.
About Systems Evolution Inc.
Systems Evolution Inc. (OTCBB:SEVI), www.systemsevolution.com, founded in 1993, is an information technology services company focused on delivering outstanding value in the IT outsourcing and consultancy industry. The Company has been successful over the last decade adapting and implementing new technologies as they emerge, with a commitment to long-term customer and partner relationships. SEVI focuses on providing value to its clients by helping them maintain, integrate and extend their legacy systems, and plan for the future with strategic application development.
Safe Harbor Statement
The statements in this release relating to future product availability and positive direction are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Some or all of the aspects anticipated by these forward-looking statements may not, in fact, occur. Factors that could cause or contribute to such differences include, but are not limited to, contractual difficulties, the future market price of SEVI common stock and the Company's ability to obtain necessary future financing.