/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Feb. 28, 2013 /CNW/ - BSM Technologies Inc. ("BSM" or the
"Company") (TSX-V: GPS), a leading provider of remote monitoring, fleet management, fleet diagnostics and automated vehicle security systems, today announced the closing of
its prospectus offering (the "Offering") of common shares (the "Common
Shares"). Pursuant to the Offering, the Company issued 6,160,665 Common
Shares priced at $1.40 per Common Share (the "Effective Price"),
including 803,565 Common Shares issued pursuant to the exercise of the
over-allotment option granted to the agents for the Offering, for gross
proceeds of approximately $8,624,931.
The Offering was conducted through a syndicate of agents led by Paradigm
Capital Inc. (the "Lead Agent"), and including MGI Securities Inc. and
Loewen, Ondaatje, McCutcheon Ltd. (collectively with the Lead Agent,
the "Agents"), along with PowerOne Capital Markets Limited as a member
of the selling group with respect to the Offering.
The net proceeds from the Offering are expected to be used by the
Company for business expansion, research and development, sales and
marketing, product expansion and general working capital purposes.
The securities being offered have not been, and will not be, registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") and may not be offered or sold in the United States or
to, or for the benefit of, U.S. persons (as defined in Regulation S
under the U.S. Securities Act) absent U.S. registration or an
applicable exemption from the U.S. registration requirements. This
release does not constitute an offer for sale of securities in the
About BSM Technologies (bsmwireless.com)
BSM Technologies, through its subsidiary BSM Wireless Inc., is a leading
provider of remote monitoring, fleet tracking, fleet maintenance, and business intelligent engine providing real time, web‐based tracking of mobile and fixed assets. BSM provides solutions for commercial,
government, and law enforcement organizations who manage and operate
diverse assets and large fleets, and who seek to enhance customer
service, improve the safety of their drivers and vehicles, and lower business costs.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
For more information, please visit http://www.bsmwireless.com
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward looking information. Such
forward-looking information is often, but not always, identified by the
use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect" and "intend" and statements that an event or
result "may", "will", "should", "could", or "might" occur or to be
achieved and any other similar expressions. In providing the
forward-looking information in this news release, the Company has made
numerous assumptions regarding: (i) the accuracy of results and
contracts received to date; (ii) anticipated costs and expenses; (iii)
that the results continue to be positive; and (iv) that future results
and contracts are as anticipated. Management believes that these
assumptions are reasonable. Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that could
cause actual results to differ materially from those contained in the
forward-looking information. Some of these risks, uncertainties and
other factors are described under the heading "Risks Factors" in the
Company's annual information form available on www.sedar.com. Forward-looking information is based on estimates and opinions of
management at the date the statements are made. Except as required by
law, BSM does not undertake any obligation to update forward-looking
information even if circumstances or management's estimates or opinions
should change. Readers should not place under reliance on
SOURCE: BSM Technologies Inc.
For further information:
President & CEO
BSM Technologies Inc.
(416) 815-0700 ext. 278
(416) 815-0700 ext. 289