SOUTH PLAINFIELD, N.J., Aug. 16, 2005 (PRIMEZONE) -- CAPE Systems Group, Inc. (OTCBB:CYSG), a leading provider of software technology for packaging design, pallet optimization, RFID Asset Tracking, inventory and warehouse management, supply chain execution and order fulfilment, announced today that it has entered into an agreement to sell up to $850,000 principal amount of secured convertible notes with certain institutional investors. The agreement provides for an initial tranche of $250,000, with further monthly tranches of $100,000 for each month thereafter for six months, drawable at the Company's option. The new funding is to provide additional working capital for CAPE over the period of the draw-down. The Company was represented by Sichenzia Ross Friedman Ference LLP (www.srff.com) in this transaction.
About CAPE Systems
CAPE Systems is an international provider of supply chain management technologies. CAPE Systems offers a comprehensive range of software systems and tools, from packaging and pallet optimization software, RFID asset tracking, to integrated warehouse and inventory management solutions, pick-to-light systems, and transportation management systems for enterprise wide and collaborative supply chain optimization. For more information about CAPE visit: www.capesystems.com.
Safe Harbor
Statements about the company's future expectations, including future revenue and earnings and all other statements in this press release, other than historical facts, are "forward-looking" statements and are made pursuant to safe harbor provisions of the Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward-looking statements.