/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO
U.S. NEWS AGENCIES/
VANCOUVER, April 10 /CNW/ - Further to its news releases of January 29,
2007 and March 15, 2007, Ignition Point Technologies Corp. (TSX-VEN:IPN), a
Vancouver-based broadband communications company, announces that it has closed
the second and final tranche of a non-brokered unit financing for additional
gross proceeds of $500,000. With respect to the second tranche, Ignition Point
issued to Trellis Capital Corporation 500 units consisting of $1,000 principal
amount 15% secured debentures of Ignition Point and 2,500 non-transferable
warrants. Each warrant entitles the holder to acquire one common share in the
capital of Ignition Point until March 15, 2009 at a price per share of $0.20.
The debentures mature on March 15, 2009 and are secured by a general security
interest over all of the assets of Ignition Point.
All securities issued in connection with the second tranche are subject
to a four month hold period which expires on August 6, 2007.
On March 15, 2007, Ignition Point announced that it had closed a
non-brokered unit financing for gross proceeds of $2 million and issued 2,000
units. Accordingly, the total gross proceeds of the fully subscribed
non-brokered unit financing was $2.5 million which will be used for the
general corporate purposes of Ignition Point and its subsidiary, TeraSpan
Networks Inc, and Ignition Point issued a total of 2,500 units.
The subscriber of the second tranche of the non-brokered unit financing,
Trellis Capital Corporation, is a 9.3% shareholder in Ignition Point's
subsidiary TeraSpan Networks Inc. Trellis is a private venture capital fund
that provides growth capital to proprietary technology companies.
At Ignition Point's Annual General Meeting of its shareholders held on
March 28, 2007, Sunil Selby was elected a director of Ignition Point. Mr.
Selby is the Founder and Managing Partner of Trellis Capital Corporation
(since May 2000). Prior to joining Trellis Capital Corporation, Mr. Selby was
the Director of the Advanced Technology Fund of Royal Bank Capital Partners,
the venture capital subsidiary of Royal Bank of Canada (1989 to 2000).
"We are pleased to have Sunil, an experienced investor, join our board"
states Michael Cytrynbaum, Chairman of the Board.
About TeraSpan Networks
TeraSpan Networks specializes in reliable, cost effective fiber optic
cable deployment for a variety of markets including municipalities, telecom
carriers, public utilities, universities, schools and hospitals. TeraSpan's
robust, environmentally friendly Vertical Inlaid FiberTM (VIF(TM)) technology
enables rapid and cost effective delivery of communication infrastructures
necessary to support dependable, high-bandwidth services for any application.
About Ignition Point
Ignition Point Technologies Corp. (TSX-VEN:IPN), a Vancouver-based
broadband technology company, provides unique access and applications
solutions to wired and wireless network service providers. Ignition Point's
subsidiaries are TeraSpan Networks Inc. www.teraspan.com and FatPort
Corporation www.fatport.com . For more information, visit
This release may contain certain forward-looking statements reflecting
Ignition Point Technologies' current expectations in the broadband
communications market. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including, without limitation,
changes in market and competition, technological developments and potential
downturns in economic conditions generally. Additional information on these
and other potential factors that could affect the company's financial results
are detailed in documents filed from time to time with the British Columbia
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY
NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS
REGISTERED OR EXEMPT THEREFROM.
For further information:
For further information: Stephen Majlath, Chief Financial Officer,
Ignition Point Technologies Corp., Phone: (604) 633-9090