ODESIA Group Inc. Completes a Financing of $1,450,000



    TSX VENTURE: ODS

    MONTREAL, July 21 /CNW Telbec/ - ODESIA Group Inc. ("ODESIA") (TSX
VENTURE:ODS) is pleased to announce that it has completed today a private
placement of $1,450,000 by the issuance of a convertible debenture of $500,000
to FIER Cap Diamant, Limited Partnership ("FIER Cap Diamant") and by the
issuance of a convertible debenture of $250,000 and of 1,750,000 units at a
price of $0.40 per unit for a total consideration of $700,000 to SIPAR Inc.
("SIPAR"). Each unit is composed of one common share and one-fifth of a common
share purchase warrant, each common share purchase warrant entitles SIPAR to
purchase one common share of ODESIA at a price of $0.40 per share until July
21, 2011.
    The debentures issued by ODESIA to SIPAR and to FIER Cap Diamant are
convertible and unsecured (the "Debentures"). The principal amount of the
Debentures will bear interest at the annual rate of 10%, from the disbursement
date and the principal amount will be convertible, at the election of the
holders, into units of ODESIA, each unit being comprised of one common share
of ODESIA and one-half common share purchase warrant. The conversion price of
the Debentures into units will be calculated using a conversion price equal to
the average trading price of the common shares of ODESIA on the TSX Venture
Exchange Inc. for the 30 days preceding the date of reception of a conversion
notice, less the maximum discount authorized by the TSX Venture Exchange Inc.,
being 25% if the share trading price is less than $0.50, 20% if share the
trading price is from $0.51 to $2.00 and 15% if the share trading price is
more than $2.00; which price shall not be lower than the trading price at the
date of issuance of the Debentures. Interest on the principal amount of the
Debentures will be payable by way of semi-annual instalments in July and in
January of each year and the principal amount will be payable 60 months after
the date of issuance of the Debentures.
    The securities issued pursuant to this private placement are subject to
statutory resale restrictions for a period of four (4) months following the
closing of the financing.
    The TSX Venture Exchange Inc. has conditionally approved these private
placements, subject to the usual conditions and these placements were made
pursuant to exemptions from prospectus and registration requirements of
applicable securities laws. The net proceeds from the financing will be
allocated to working capital and other general corporate purposes of ODESIA.

    Grant of options

    Following the recent appointment of Mr. Simon Lepage as chief financial
officer of ODESIA, the Board of ODESIA has granted Mr. Lepage, according to
the terms and conditions of his employment agreement and in accordance with
the stock option plan of ODESIA, 100,000 stock options of ODESIA, at the
exercise price of $0,40 each, having an exercise period of 5 years, 50% of
which are vested and can be exercised upon their grant and 50% which would
vest in 3 equal and consecutive tranches following their date of grant.

    About ODESIA

    ODESIA is a Canadian-based international corporation specialized in BI
solutions, decision processes and date warehousing for large corporations. The
management team at ODESIA has extensive knowledge and experience in leading
the execution of BI processes in large enterprises. The team of some 200
professionals offers a high level of service and specialization. The company's
goal is to provide customers a complete solution, no matter the technical
challenge. For more information, see www.ODESIA.com.

    Forward-looking statement

    This press release contains forward-looking statements which reflect
ODESIA's current expectations regarding future events. The forward-looking
statements involve risks and uncertainties. Actual results could differ
materially from those projected herein. ODESIA rejects any obligation to
revise or update the forward-looking statements contained in this press
release.
    
    The TSX Venture Exchange assumes no responsibility for the relevance or
    accuracy of this press release.
    




For further information:

For further information: Nicolas Bonnafous, President and CEO, ODESIA
Group Inc., (514) 876-1155 ext. 102, nbonnafous@ODESIA.com; www.odesia.com

Organization Profile

ODESIA GROUP INC.

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