/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
VANCOUVER, Sept. 15 /CNW/ - ID Watchdog, Inc. (the "Company" or "ID
Watchdog") is pleased to announce that it has completed its initial public
offering (the "Offering"). The Offering consisted of 17,000,000 units
("Units") at a price of Cdn.$0.60 per Unit, resulting in gross proceeds of
Each Unit consisted of one ordinary share ("Ordinary Share") of the
Company and one-half of one ordinary share purchase warrant (each whole
warrant, a "Warrant"). Each Warrant entitles the holder to purchase one
additional Ordinary Share at a price of Cdn.$0.90 per share for a period of
24 months from the date (the "Listing Date") of listing of the Ordinary Shares
on the TSX Venture Exchange (the "Exchange").
The Exchange has conditionally approved the listing of the Ordinary
Shares and the classification of the Company as a "Tier 1 Industrial or
Technology Issuer", subject to the Company fulfilling all of the requirements
of the Exchange. The Company has reserved the stock symbol "IDW".
Bolder Investment Partners, Ltd. ("Bolder") acted as agent for the
Offering in Canada and Green Drake, Inc. (together with Bolder, the "Agents")
acted as agent for the offering of Units to qualified purchasers on a private
placement basis in the United States. In connection with the Offering, the
Company paid the Agents an 8% cash commission and issued warrants to the
Agents to purchase an aggregate of 1,360,000 Ordinary Shares at a price of
Cdn.$0.60 per share for a period of 24 months from the Listing Date. In
addition, the Company issued 50,000 Units to Bolder and paid Bolder a
corporate finance fee of Cdn.$150,000.
Concurrent with the completion of the Offering, the Company's issued and
outstanding preferred shares, consisting of 1,750,000 Series A Convertible
Preferred Shares and 497,500 Series B Convertible Preferred Shares, were
automatically converted in accordance with the special rights and restrictions
of such shares into a total of 10,597,068 Ordinary Shares and up to
5,298,534 Warrants, each Warrant having the same terms as the Warrants issued
under the Offering.
Upon the completion of the initial public offering and the preferred
share conversions, a total of 49,698,765 Ordinary Shares are issued and
Computershare Investor Services Inc., at its office in Vancouver, British
Columbia, acts as Co-Registrar and Transfer Agent for the Ordinary Shares.
Computershare Trust Company of Canada, at its office in Vancouver, British
Columbia, is the Warrant Agent for the Warrants.
"Funds raised in the initial public offering and private placements give
ID Watchdog the financial resources it needs to tap its true business
potential and solidify its position as a leading identity theft detection and
resolution company in the U.S." said Justin Yurek, President of ID Watchdog.
About ID Watchdog
Headquartered in Denver, Colorado. ID Watchdog is the only identity theft
detection and resolution company that provides patent-pending three-tiered
comprehensive detection, monitoring and resolution for identity theft. ID
Watchdog's services are focused on detecting the source of identity theft
problems. The solutions were developed with assistance from the U.S. Postal
Service, state and local law enforcement officials and several district
attorneys and have been endorsed by the Colorado and Arizona Bankers
Associations. Since credit reports reflect only a portion of identity theft,
ID Watchdog Plus(SM), the Company's most comprehensive offering, analyzes
thousands of databases in 13 critical areas, including motor vehicle, medical,
criminal, social security and national security records, among others, and
often detects activity before there is any financial or personal impact to
individuals. The Company's products are available for purchase by consumers or
businesses either individually or as an inclusive suite. For more information
please visit www.IDwatchdog.com.
This press release does not constitute an offer to sell or solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to a U.S.
Person unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
This news release includes forward-looking statements which address
future events and conditions which are subject to various risks and
uncertainties. The actual results could differ materially from those
anticipated in such forward-looking statements as a result of numerous
factors, some of which may be beyond the Company's control. Although the
Company believes that its expectations reflected in these forward-looking
statements are reasonable, no assurance can be given that actual results will
be consistent with these forward-looking statements. Important factors that
could cause actual results to differ from these forward-looking statements are
disclosed in the Company's prospectus dated August 14, 2008 and filings with
For further information:
For further information: Dennis Perkins, Chief Financial Officer of the
Company, at (303) 820-3333 or firstname.lastname@example.org. Please also visit our
website at www.IDwatchdog.com for more information