TORONTO, Nov. 1, 2011 /CNW/ - Angoss Software Corporation (Angoss)
(TSX-V: ANC) a leading provider of predictive analytics software and
solutions, is pleased to announce that the two non-brokered financing
arrangements previously announced on October 14, 2011 were completed on
November 1, 2011, raising aggregate gross proceeds of $1,725,100.
Issuance of Class A Preferred Shares, Series 2
Angoss has completed a non-brokered financing of $1,345,000 consisting
of the sale of 1,345,000 Units at $1.00 per Unit, to arm's length
parties and to certain directors and officers of Angoss. Each Unit is
comprised of one Class A Preferred Shares, Series 2 (each, a "Series 2
Share") and 1.25 common share purchase warrants (each, a "Warrant").
Each whole Warrant will entitle the holder to purchase one common share
of Angoss at a price of $0.35 until November 1, 2016.
The terms of the Series 2 Shares are set out in summary form in Angoss'
press release dated October 14, 2011, which summary is qualified in its
entirety by the complete terms of the Series 2 Shares which are
available under Angoss' profile on www.SEDAR.com.
Common Share Financing
Angoss is also pleased to announce that it has completed a non-brokered
private placement, to arm's length parties and to certain directors and
officers of Angoss, of 1,266,999 common shares at a price of $0.30 per
share for gross proceeds of $380,100.
All securities issued pursuant to the two financings are subject to
resale restrictions until March 2, 2012. Proceeds of the two
financings will be used to fund working capital.
Martin Galligan, President and CEO, purchased 100,000 Units at a
purchase price of $100,000 and 166,666 Common shares at a purchase
price of $49,999.80 ($0.30 per share). After the acquisition of common
shares, Mr. Galligan owns an aggregate of 1,307,760 common shares which
represents 12.7% of the common shares issued and outstanding after the
common share transaction. For the purposes of National Instrument
62-103 early warning reporting, Mr. Galligan acquired the shares for
investment purposes and may, from time to time, acquire additional
securities of Angoss or dispose of such securities as he may deem
appropriate. A copy of the applicable early warning report can be
obtained from Attention Lon Vining at (416) 593-2420 or under Angoss'
profile on SEDAR at www.SEDAR.com.
"We are pleased to have closed these two non-brokered financing
arrangements as the capital raised allows Angoss to execute its
re-vitalized go-to-market strategy that solely focuses on our core
business of advanced analytic software and solutions," remarked Martin
Galligan, President & CEO. "We wish to thank our new investors; their
participation clearly signals a shared vision for Angoss and we remain
confident that we can unlock the trapped value of this company. IDC
estimated the advanced analytics market to be $1.7B in 2010 and
predicts strong growth for the foreseeable future. Angoss is recognized
as a global leader in advanced analytics by Hurwitz, Forrester, and
Gartner and we will not allow ourselves to stray from our core strength
as we move forward. Angoss is renewed, refreshed and ready for a new
chapter in its history."
About Angoss Software Corporation
Angoss is a global leader in delivering predictive analytics to
businesses looking to improve performance across sales, marketing and
risk. With a suite of desktop, client-server and in-database software
products and Software-as-a-Service solutions, Angoss delivers powerful
approaches to turn information into actionable business decisions and
competitive advantage. Angoss software products and solutions are
user-friendly and agile, making predictive analytics accessible and
easy to use. Many of the world's leading financial services, insurance,
retail, health care and information communication and technology
organizations use Angoss predictive analytics software products and
solutions to grow revenue, increase sales productivity and improve
marketing effectiveness while reducing risk and cost. Headquartered in
Toronto, Canada, Angoss has offices in the United States and United
Kingdom. For more information, visit www.angoss.com.
This press release contains statements of a forward-looking nature.
These statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. Forward-looking
information involves risks, uncertainties and other factors that could
cause actual events, results, performance, prospects and opportunities
to differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this news
release includes, but is not limited to, Angoss' objectives, goals,
future plans. The accuracy of these statements may be impacted by a
number of business risks and uncertainties that could cause actual
results to differ materially from those projected or anticipated,
including: the risk that the sale of our products and services involves
a long sales cycle; the risk that the economic environment and business
conditions will remain difficult to predict; the risk of competition in
our target markets; the risk that we may not respond adequately to
evolving technologies; the risk that we or our customers may have
difficulties in introducing our products or services; the risk that we
will encounter difficulties in continuing to offer services; the risk
that we will encounter difficulties in integrating the operations of
acquired companies with our own; the risks of conducting our operations
in a variety of international locations; the risk that we may need to
record future write-downs of assets arising from our investments in
other companies; the risks relating to the costs that we may incur as a
result of litigation against us; and other risks described in our
filings with securities regulatory authorities, including our annual
reports, interim financial statements and similar disclosure documents.
Angoss does not undertake any obligation to update this forward-looking
information after the date of its initial publication, except as
required under applicable law.
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.
SOURCE ANGOSS Software Corporation
For further information:
Chief Financial Officer