TORONTO, Jan. 30 /CNW/ - Electric-Spin Ltd. (TSXV - ESC) (the "Company")
announced today the following option grants and proposed share and warrant
The Company has granted (i) Barry Reiter, a director of the Company and
the Chair of the Compensation Committee, options to purchase 200,000 common
shares; (ii) Anwar Matin, a director of the Company and the Chair of the Audit
Committee, options to purchase 200,000 common shares; and (iii) Chris Skillen,
a director of the Company, options to purchase 200,000 common shares, each at
a strike price of $.21 per common share and a term of five years. A third of
the above options vest immediately, a third in 12 months, and the remaining
third in 24 months.
Shares and Warrants:
Subject to the approval of the TSX Venture Exchange, the Company has
reached an agreement to issue 1,045,962 common shares and warrants to purchase
an additional 203,063 common shares to certain service providers of the
Company in consideration for the extinguishment of debt in the aggregate
amount of $219,652 owed by the Company to such service providers. Each warrant
will entitle the holder to purchase one common share of the Company at an
exercise price of $0.21. The warrants will have a term of three years.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
ABOUT ELECTRIC-SPIN LTD.
Electric~Spin Corporation, a wholly-owned subsidiary of Electric-Spin
Ltd. (TSX - V: ESC), is a leader in home golf simulators marketed under its
Golf Launchpad brand and carried by premier retailers in over 16 countries
worldwide. Electric~Spin designs, develops and manufactures its golf
simulators, accessories and software at its headquarters in Woodbridge,
Ontario, and at its Asian facilities.
At the Consumer Electronics Show held in January 2008, in Las Vegas,
Electric~Spin launched the latest version of its flagship product, called Golf
Launchpad Tour which like its current Golf Launchpad Classic, is a unique golf
simulation input device that allows users of all ages to play golf in the
convenience of their home, with their own clubs. Not only is the golf
Launchpad Tour available for use with PC and Mac systems like the original
Golf Launchpad Classic, but now users can also tee-off on Sony's PlayStation 3
and play Live Virtual Golf through television set-top boxes.
Golf Launchpad Tour combines Electric~Spin's ultra realistic golf
simulation technology, with XTVReady(TM) technology from NDS Group Inc.
(NASDAQ - NNDS) to create the ultimate virtual golf experience. XTVReady is a
software module embedded within the world's leading DVR set-top boxes to
enable access to third party peripheral devices, such as the Golf Launchpad
Tour, via the USB port on set-top boxes. With the Golf Launchpad/XTV
Experience, interactive TV becomes an immersive, video enhanced realistic golf
experience while watching a live televised golf event.
Golf Launchpad Tour, with a processor that is four times faster than the
original, makes gameplay with EA Sports Tiger Woods PGA Tour and with
Electric-Spin's own downloadable swing analyzer with enhanced 3D shot
visualization a truly enjoyable experience.
Golf Launchpad Tour will be available in spring 2008 through premier
electronics and golf retailers.
The foregoing press release contains forward-looking statements relating
to the development of markets, development programs, future revenues and
improvements in technology, which are subject to important risks and
uncertainties. The results or events predicted in these statements may differ
materially from actual results or events. Factors which could cause results or
events to differ from current expectations include the availability of
funding, existing and future relationships with suppliers and manufacturers,
the results of research and development activities, risks of technological
breakthroughs by competitors, risks relating to the breadth, scope and
enforceability of intellectual property rights, general industry and market
conditions, availability of qualified personnel, and reliance on
co-development partners. For additional information with respect to these and
other factors, see the reports filed by Electric-Spin Ltd. with the Ontario
Securities Commission. Electric-Spin Ltd. disclaims any intention or
obligation to update or revise any forward-looking statement
PS(R)2 and PS(R)3 are trademarks of Sony Corporation. This Product is not
designed, manufactured or endorsed by Sony Corporation.
For further information:
For further information: Anees Munshi, Chief Executive Officer,
Electric-Spin Ltd., Tel: (416) 410-1166 x 402, Anees.firstname.lastname@example.org