HALIFAX, Dec. 4 /CNW/ - SolutionInc Technologies Limited (TSX-VEN:STL) (the "Company") has closed an expedited private placement for the issuance of 1,875,000 shares at a price of $0.04. The Company has agreed to a private placement, subject to regulatory approval, for the issuance of listed shares and convertible securities. The Company has agreed to issue 1,300,000 common shares in the capital stock of the Company at a purchase price of $0.05. The Company has agreed to issue 5,548,020 convertible debentures. Each convertible debenture bears interest at 15% annually, with interest paid quarterly and entitles the holder to acquire one common share in the capital stock of the Company upon conversion and payment of $0.05 Cdn per common share within three years of the date of the convertible debenture. The convertible debenture may be converted by the Company at a conversion price of $0.05 per common share on the third anniversary date of the convertible debenture.
About SolutionInc Limited
With operations in more than 45 countries worldwide, SolutionInc is an established global leader in Internet, centralized hotspot connectivity, billing and management solutions. SolutionInc provides patented software and services to the hospitality and telecommunications industries through its award-winning, patented technology software products:
SolutionIP(TM) and SolutionIP(TM) Enterprise. Through 700,000+ touch points, SolutionIP(TM) allows people to easily and securely connect to the Internet from locations such as hotel rooms, convention centres, universities, restaurants and airports. SolutionInc holds a robust patent and patent-pending portfolio and is a trademark and a wholly owned subsidiary of SolutionInc Technologies Limited (TSX-VEN: STL).
SolutionInc Disclaimer: Statements about the Company's future plans and intentions, results, levels of activity, performance, goals or achievements or other future events constitute forward-looking statements. Wherever possible, words such as "may," "will," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," or "potential" or the negative or other variations of these words, or other similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to Management. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements.
These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what Management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, competitor activity, product capability and acceptance, international risk, currency exchange rates, and technology changes. More detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the Risk Assessment section of the March 31, 2009 Management Discussion and Analysis.
SOURCE SolutionInc Technologies Limited
For further information: For further information: Natalie Doyle Oldfield, Chief Marketing Officer, (902) 420-0077 ext 102, firstname.lastname@example.org