TORONTO, Dec. 11 /CNW/ - iSign Media Solutions Inc. (TSX-V: ISD) ("Corporation"), is pleased to announce an update to its previously disclosed non-brokered private placement of $1,500,000 in units ("Units") of the Corporation (the "Offering"), with Tesar Inc. ("Tesar"), released December 2, 2009.
Each Unit will consist of one common share at $0.30 ("Unit Share") and one common share purchase warrant ("Warrant") of the Corporation. Each Warrant will be exercisable into one additional common share of the Corporation for a period of 24 months from the date of issuance at an exercise price of $0.45 per common share.
Tesar is an Ontario incorporated corporation controlled by Edward Florence. Mr. Florence is the Chief Executive Officer of Avenza Systems Inc, a company that develops, markets and supports computer software products and royalty-free map data for the mapping and geographic information systems industries.
Following completion of the proposed private placement, the Unit Shares that will be held by Tesar will constitute an equity ownership interest equal to 14.02% of the Corporation (the "Unit Share Interest"). Assuming full exercise of all of the Warrants, combined with the Unit Share Interest, Tesar will hold an equity ownership interest equal to 24.6% of the Corporation, which would cause Tesar to be considered a "control person".
The brokered placement through MGI Securities that was also previously announced on December 2, 2009, is expected to close on or before January 14, 2010.
The issue proceeds will be used to fund the completion of a back-end reporting system, acquisition of its IMS units and general working capital.
About the Company:
iSign Media Solutions Inc. ("iSign") is a leading developer of in-store interactive proximity advertising solutions that deliver rich media, permission based messages, free of charge to cell phones using Bluetooth connectivity. The Corporation's patent-pending advertising platform combines the precision of direct marketing and the tracking potential of the Web to deliver more cost effective and ROI-driven advertising than is possible via print, radio and television. iSign is based in Markham, Ontario with R&D and customer support operations in Vancouver, BC. The Corporation is publicly traded in Toronto (TSX.V) under the symbol "ISD". Additional information about iSign Media can be found at www.isignmedia.com.
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with iSIGN Media Solutions' business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Corporation or its management. The forward-looking statements are not historical facts, but reflect iSIGN Media Solutions' current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the Filing Statement filed on October 9th, 2009 with the regulatory authorities. iSIGN Media Solutions assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
(C) 2009 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
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 ISIGN MEDIA CORP.
For further information: For further information: Alex Romanov, Chief Executive Officer, iSign Media Solutions Inc., (905) 530-2481, firstname.lastname@example.org