/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE
TORONTO, Oct. 29 /CNW/ - Route1 Inc.(TM) (TSX-V:ROI), the trusted
provider of security and identity management network solutions, announced
today that it has priced its previously announced brokered private placement.
Pursuant to the offering, the Company will issue and sell, on a best efforts
basis, up to 83,333,333 Units at an issue price of $0.12 per unit. Each Unit
will be comprised of one (1) common share and one-half (0.5) of one common
share purchase warrant of the Company, with each whole common share purchase
warrant being exercisable to acquire one common share of the Company at an
exercise price of $0.155 per share for a period of two (2) years following the
closing of the offering. The offering will be conducted through a syndicate of
agents led by Raymond James Ltd. and including GMP Securities L.P. and
Laurentian Bank Securities Inc. The closing of the offering is expected to
occur on or about November 6, 2007.
In consideration for their services, the agents will be paid a cash
commission equal to seven percent (7%) of the gross proceeds raised pursuant
to the offering and will be granted non-assignable common share warrants
equal, in aggregate, to six percent (6%) of the number of units sold. Each
warrant shall be exercisable to acquire one (1) common share of the Company
for a period of two (2) years following the closing of the offering at a price
of $0.155 per share.
The offering is subject to regulatory approvals including the approval of
the TSX Venture Exchange. All securities issued pursuant to the offering will
be subject to applicable statutory, exchange and regulatory hold periods.
It is anticipated that the proceeds of the private placement will be used
to finance future growth and for general working capital purposes.
ABOUT ROUTE1 INC.
Route1 is the trusted provider of security and identity management
network solutions that are redefining today's digital landscape. At the heart
of Route1's solutions is MobiNET, a communications and service delivery
platform focused on identity management and entitlement-based access to
resources. Leveraging the power of MobiNET is the award-winning MobiKEY, an
ultra-portable computing device that securely connects users to the myriad of
MobiNET services from any Internet-enabled Windows-based PC. This patent-
pending computing solution is embedded on a smart-card enabled, cryptographic
USB device, making it one of the most powerful and easy-to-use secure
computing solutions available today. MobiKEY enables users to connect to their
desktop data, applications, network resources, and web content with services
such as TruOFFICE and PurLINK. Route1's patent-pending solutions, based on
FIPS-140-2 cryptographic modules, meet the stringent security needs and high
standards mandated by all levels of government. They have been evaluated by
ICSA Labs and certified by the CSE. As a Company with high regard for
intellectual property, Route1 continues to encourage and nurture innovation
across its talented team. Headquartered in Toronto, Route1 is listed on the
TSX Venture Exchange (symbol: ROI) and has offices and agents worldwide. For
more information, visit www.route1.com.
This news release, required by applicable Canadian laws, is not for
distribution to U.S. news services or for dissemination in the United States,
and does not constitute an offer to sell or a solicitation of an offer to buy
any of the securities in the United States. The securities have not been and
will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration is available.
The TSX Venture Exchange has not reviewed or approved the contents of
this press release and does not accept responsibility for its adequacy or
(C)2007 Route1 Inc. All rights reserved. Route1, the Route1 Logo, Mobi,
Route1 MobiKEY, Route1 TruOFFICE, Route1 PurLINK, Route1 EnterpriseLIVE,
and Route1 MobiNET are either registered Trademarks or Trademarks of
Route1 Inc. in the United States and/or Canada. All other trademarks
and/or trade names are the property of their respective owners.
For further information:
For further information: Investor Relations: Anthony Rzepka, Executive
Vice President and Chief Financial Officer, Tel: (416) 848-8391, Email: