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OTTAWA, June 15 /CNW Telbec/ - Espial Group Inc ("Espial") (TSX - "ESP")
announced today that GMP Securities L.P. and Genuity Capital Markets G.P.,
co-lead underwriters for the Company's initial public offering, have exercised
in full their over-allotment option to purchase an additional 535,650 common
shares at the initial public offering price of $7.00 per share. The sale of
the over-allotment shares to the underwriters was completed today.
"The Company is very pleased with the success of the offering and the
exercise of the over-allotment option." said Jaison Dolvane, President and
Chief Executive Officer of Espial. "These additional funds will help the
Company execute on its growth strategy and strengthen its balance sheet as
outlined in the Company's prospectus."
As a result of the exercise of this over-allotment option, Espial
received additional net proceeds of approximately $3.5 million and will have
raised total net proceeds of approximately $26.9 million from its initial
public offering after deducting underwriting fees and offering expenses.
Including the sale of the over-allotment shares, a total of 4,106,650 common
shares have been offered and sold in the offering.
This press release is not an offer to sell or a solicitation of an offer
to buy common shares, nor shall there be any sales of the common shares in any
jurisdiction in which such offer, solicitation, or sale would be unlawful. The
common shares of Espial Group Inc. have not been and will not be registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or any applicable
exemption from the registration requirement of such Act.
Espial provides open, modular, customizable, and carrier-grade IPTV
middleware and applications that are deployed with communications and
entertainment service providers around the world. Espial's Evo(R) IPTV Service
Platform, which can be purchased as separate components or as part of a
pre-integrated client-server solution, includes Evo(R) Client, Evo(R) Server,
Evo Future-Proof Framework(TM) (FPF), Evo SkinTones(TM) and applications such
as Electronic Program Guide, Video on Demand, Interactive Content Portal,
Games, and Evo Browser.
Forward looking statement
This press release contains statements that are forward-looking in
nature. Statements preceded by the words believe, expect, anticipate, plan,
intend, continue, estimate, may, will, and similar expressions are
forward-looking statements. Forward-looking statements are based on Espial's
beliefs and assumptions based on information available at the time the
assumption was made. Forward-looking statements relate to, among other things,
anticipated financial performance, business prospects, strategies, regulatory
developments, new services, market forces, commitments and technological
developments, relating to the Espial. By its nature, such forward-looking
information is subject to various risks and uncertainties which could cause
Espial's actual results and experience to differ materially from the
anticipated results or other expectations expressed. Readers are cautioned not
to place undue reliance on this forward-looking information, which is given as
of the date it is expressed in this document, and Espial undertakes no
obligation to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise.
The Toronto Stock Exchange has neither approved nor disapproved the
contents of this press release.
For further information:
For further information: Inquiries from financial press or analysts: Bob
Daly, Chief Financial Officer, Espial Group Inc., (613) 230-4770,
firstname.lastname@example.org; Inquiries from industry press or analysts: Brian Mahony,
Vice President of Marketing, Espial Group Inc., (508) 479-7254,