Angoss announces closing of two non-brokered financing arrangements raising aggregate proceeds of $1.7 million

TORONTO, Nov. 1, 2011 /CNW/ - Angoss Software Corporation (Angoss) (TSX-V: ANC) a leading provider of predictive analytics software and solutions, is pleased to announce that the two non-brokered financing arrangements previously announced on October 14, 2011 were completed on November 1, 2011, raising aggregate gross proceeds of $1,725,100.

Issuance of Class A Preferred Shares, Series 2

Angoss has completed a non-brokered financing of $1,345,000 consisting of the sale of 1,345,000 Units at $1.00 per Unit, to arm's length parties and to certain directors and officers of Angoss. Each Unit is comprised of one Class A Preferred Shares, Series 2 (each, a "Series 2 Share") and 1.25 common share purchase warrants (each, a "Warrant"). Each whole Warrant will entitle the holder to purchase one common share of Angoss at a price of $0.35 until November 1, 2016.

The terms of the Series 2 Shares are set out in summary form in Angoss' press release dated October 14, 2011, which summary is qualified in its entirety by the complete terms of the Series 2 Shares which are available under Angoss' profile on www.SEDAR.com.

Common Share Financing

Angoss is also pleased to announce that it has completed a non-brokered private placement, to arm's length parties and to certain directors and officers of Angoss, of 1,266,999 common shares at a price of $0.30 per share for gross proceeds of $380,100.

All securities issued pursuant to the two financings are subject to resale restrictions until March 2, 2012.  Proceeds of the two financings will be used to fund working capital.

Martin Galligan, President and CEO, purchased 100,000 Units at a purchase price of $100,000 and 166,666 Common shares at a purchase price of $49,999.80 ($0.30 per share).  After the acquisition of common shares, Mr. Galligan owns an aggregate of 1,307,760 common shares which represents 12.7% of the common shares issued and outstanding after the common share transaction. For the purposes of National Instrument 62-103 early warning reporting, Mr. Galligan acquired the shares for investment purposes and may, from time to time, acquire additional securities of Angoss or dispose of such securities as he may deem appropriate. A copy of the applicable early warning report can be obtained from Attention Lon Vining at (416) 593-2420 or under Angoss' profile on SEDAR at www.SEDAR.com.

"We are pleased to have closed these two non-brokered financing arrangements as the capital raised allows Angoss to execute its re-vitalized go-to-market strategy that solely focuses on our core business of advanced analytic software and solutions," remarked Martin Galligan, President & CEO.  "We wish to thank our new investors; their participation clearly signals a shared vision for Angoss and we remain confident that we can unlock the trapped value of this company.  IDC estimated the advanced analytics market to be $1.7B in 2010 and predicts strong growth for the foreseeable future. Angoss is recognized as a global leader in advanced analytics by Hurwitz, Forrester, and Gartner and we will not allow ourselves to stray from our core strength as we move forward.  Angoss is renewed, refreshed and ready for a new chapter in its history."

About Angoss Software Corporation

Angoss is a global leader in delivering predictive analytics to businesses looking to improve performance across sales, marketing and risk. With a suite of desktop, client-server and in-database software products and Software-as-a-Service solutions, Angoss delivers powerful approaches to turn information into actionable business decisions and competitive advantage. Angoss software products and solutions are user-friendly and agile, making predictive analytics accessible and easy to use. Many of the world's leading financial services, insurance, retail, health care and information communication and technology organizations use Angoss predictive analytics software products and solutions to grow revenue, increase sales productivity and improve marketing effectiveness while reducing risk and cost. Headquartered in Toronto, Canada, Angoss has offices in the United States and United Kingdom.  For more information, visit www.angoss.com.

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, Angoss' objectives, goals, future plans. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including: the risk that the sale of our products and services involves a long sales cycle; the risk that the economic environment and business conditions will remain difficult to predict; the risk of competition in our target markets; the risk that we may not respond adequately to evolving technologies; the risk that we or our customers may have difficulties in introducing our products or services; the risk that we will encounter difficulties in continuing to offer services; the risk that we will encounter difficulties in integrating the operations of acquired companies with our own; the risks of conducting our operations in a variety of international locations; the risk that we may need to record future write-downs of assets arising from our investments in other companies; the risks relating to the costs that we may incur as a result of litigation against us; and  other risks described in our filings with securities regulatory authorities, including our annual reports, interim financial statements and similar disclosure documents. Angoss does not undertake any obligation to update this forward-looking information after the date of its initial publication, except as required under applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE ANGOSS Software Corporation

For further information:

Lon Vining
Chief Financial Officer
416-593-2420
lvining@angoss.com

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