CALGARY, Feb. 11 /CNW/ - PsiNaptic Inc. (TSXV: PST) has filed on SEDAR
its audited annual financial statements and unaudited first quarter interim
financial statements, and related MD&A, and will seek lifting of the
management cease trade order issued by the Alberta Securities Commission.
Subject to the lifting of the management cease trade order and approval
of the TSX Venture Exchange, PsiNaptic will issue to certain directors 8%
convertible notes for the aggregate principal amount of $14,000 for funds
advanced by the directors to PsiNaptic to pay for audit fees and regulatory
annual filing fees. The Notes will bear interest at 8% per annum, are
convertible at the option of the holder into Class A Common Shares (the
"Shares") at the lower of $0.05 per Share and the lowest price at which Shares
are issued by PsiNaptic after the date the Notes are issued. The Notes will
come due on the earlier of February 29, 2008, the disposition of 50% of Shares
or the issuance of Shares for proceeds in excess of $100,000.
PsiNaptic has reduced its staff to a minimal level. Marketing activities
continue to a few select potential customers. The reverse takeover announced
in August 2007 has yet to close.
About PsiNaptic Inc.
PsiNaptic is a technology company that develops and markets software
based on open standards to address the growing need to connect small,
low-power wired or wireless devices without human intervention, configuration
or set up. PsiNaptic solutions operate on multiple platforms, across various
networks including Bluetooth and WiFi.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
For further information:
For further information: Aaron Dagan, President and CEO Telephone: (403)
830-5957, E-mail: firstname.lastname@example.org, Web site: www.psinaptic.com