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QUEBEC CITY, QC, April 18 /CNW/ - Medical Intelligence Technologies Inc.
(TSX V: MIZ) announced today the closing of the previously announced public
offering involving the issuance of 23,076,923 units (the "Units") at a price
of $0.65 per unit for aggregate gross proceeds of $15,000,000. Each Unit is
comprised of one Common Share and one-half Common Share Purchase Warrant. Each
whole Warrant will entitle the holder to purchase one Common Share at a price
of $0.85, at any time during the 18 months following the Closing Date. Medical
Intelligence has also granted Canaccord Adams, as the Agent, an over-allotment
option to purchase up to an additional 3,461,538 units at any time on or
before May 10, 2007, the full exercise of which option would increase the
gross proceeds of the offering to $17,250,000.
The Company intends to use the proceeds of the offering primarily for
sales, marketing and business development initiatives, production of units,
research and development and for working capital.
"The successful completion of this financing operation allows us to
consolidate our commercialization plan and to develop new markets for our
products." declared Louis Massicotte, Chief Executive Officer of Medical
Intelligence. "The market's enthusiastic response is testimony to our solid
business plan and to the growth potential of the telesecurity market."
These securities have not been and will not be registered under the
United States Securities Act of 1933, as amended, and subject to certain
exemptions, may not be offered, sold or delivered, directly or indirectly, in
the United States of America for the account or benefit of U.S. persons.
About Medical Intelligence Technologies
Medical Intelligence is the leader in the personal tele-security
industry, integrating information and telecommunications technologies to the
healthcare sector. The firm designs portable medical devices for the benefit
of people having health or safety concerns. Based in Quebec City, the Company
also has an office in Paris, where it commercializes the Columba bracelet with
cell phone operator Orange and in Madrid partnering with Telefonica Moviles
Espana. For further information, visit www.medicalintelligence.ca or
Forward looking statements
Any statement in this press release that does not relate directly and
exclusively to historical facts can be considered a forward-looking statement.
Such statements reflect the intentions, plans, expectations and beliefs of
Medical Intelligence Technologies, and are subject to risks, uncertainties and
other factors that are largely beyond the Company's control, to the extent
that actual results may differ significantly from those contemplated by such
statements. Medical Intelligence Technologies neither intends nor is required
to update or revise such forward-looking statements based on new information
or future events, or for any other reason.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Information: Quebec, Jean Brouillard
Communications, (418) 682-6111, firstname.lastname@example.org; Montreal, Johanne Lépine,
Media Relations, Torchia Communications, (514) 288-8290, ext. 234,
email@example.com; Investor relations: Eric Bouchard, The Equicom Group
Inc., (514) 844-7997, firstname.lastname@example.org