/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
CALGARY, April 10 /CNW/ - PsiNaptic Inc. ("PsiNaptic" or the
"Corporation") announces that it intends to issue and allot an aggregate of
4,000,000 common shares ("Shares") of the Corporation to certain employees and
contractors of the Corporation at a deemed price of $0.05 per Share, in
consideration of their services provided to the Corporation during the period
from October 1, 2005 to March 31, 2007 in lieu of cash. The Corporation has
received approval of the TSX Venture Exchange regarding this proposed
The Shares to be issued will be subject to a hold period of four months
and a day from the date of issuance, pursuant to applicable securities laws
and the policies of the TSX Venture Exchange.
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.
The problem with the bulk of the electronic devises on the market today
is that they don't share and they don't cooperate. PsiNaptic builds and
markets innovated software designed to solve these problems allowing consumers
to receive exponentially more value from individual devices whose anti-social
behaviour prevents them from fully leveraging the functionality trapped inside
them. Teaching today's devices to cooperate and share is an often complicated
process involving the installation of "relationship specific" software that
may or may not achieve the desired result - but will most certainly not be
useful when the next device comes along. PsiNaptic's common device
collaboration platform, built on industry leading technology from Sun
Microsystems, provides for an open and ad hoc exchange of functionality
between the various devices consumers encounter in their everyday lives.
PsiNaptic software products JMatos (R), Cmatos and Jcopia are
commercially available. They add dynamic networking capabilities to Java and
non-Java embedded processors, revolutionizing the way devices interact.
Statements in this release which describe the Corporation's intentions,
expectations or predictions, or which relate to matters that are not
historical facts are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties which may cause
the actual results, performances or achievements of the Corporation to be
materially different from any future results, performances or achievements
expressed in or implied by such forward-looking statements. The Corporation
may update or revise any forward-looking statements, whether as a result of
new information, future events or changing market and business conditions.
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, or Morris
Bleviss, CFO, Telephone: (403) 720-2531, Fax: (403) 720-2537, E-mail
email@example.com, or firstname.lastname@example.org, Website: www.psinaptic.com