Espial Announces Closing of its Initial Public Offering


    OTTAWA, June 8 /CNW Telbec/ - Espial Group Inc ("Espial") (TSX-"ESP")
announced today the completion of its initial public offering of
3,571,000 common shares at a price of $7.00 per share, for gross proceeds of
approximately $25.0 million. GMP Securities L.P. and Genuity Capital Markets
acted as co-lead underwriters for the offering.
    Espial has also granted the underwriting syndicate an option to purchase
up to 535,650 additional common shares also at a price of $7.00 per share. The
option is exercisable, in whole or in part, within the next 30 days to cover
over-allotments, if any, and for market stabilization purposes. If the option
is exercised in full, gross proceeds of the initial public offering will be
approximately $28.8 million.
    Espial also announced that immediately following completion of the
offering, James Meenan has been appointed to the board of directors of Espial.
This corporate change had been previously anticipated as disclosed in Espial's
IPO prospectus. Following a 30-year career with AT&T Corp. in the United
States in various executive, financial and operating roles, Mr. Meenan
successfully established AT&T's presence in Canada in 1995 as President and
Chief Executive Officer and served in this capacity until 2000. Mr. Meenan has
served on a number of corporate boards, including Rogers Wireless in Canada.
Mr. Meenan holds a Bachelor of Science in Business Administration from St.
Mary's College in Minnesota and a Masters in Management Science from the
Stevens Institute of Technology in New Jersey.
    This press release is not an offer to sell or a solicitation of an offer
to buy common shares, nor shall there be any sales of the common shares in any
jurisdiction in which such offer, solicitation, or sale would be unlawful. The
common shares of Espial Group Inc. have not been and will not be registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or any applicable
exemption from the registration requirement of such Act.

    About Espial

    Espial provides open, modular, customizable, and carrier-grade IPTV
middleware and applications that are deployed with communications and
entertainment service providers around the world. Espial's Evo(R) IPTV Service
Platform, which can be purchased as separate components or as part of a
pre-integrated client-server solution, includes Evo(R) Client, Evo(R) Server,
Evo Future-Proof Framework(TM) (FPF), Evo SkinTones(TM) and applications such
as Electronic Program Guide, Video on Demand, Interactive Content Portal,
Games, and Evo Browser.

    Forward looking statement

    This press release contains statements that are forward-looking in
nature. Statements preceded by the words believe, expect, anticipate, plan,
intend, continue, estimate, may, will, and similar expressions are
forward-looking statements. Forward-looking statements are based on Espial's
beliefs and assumptions based on information available at the time the
assumption was made. Forward-looking statements relate to, among other things,
anticipated financial performance, business prospects, strategies, regulatory
developments, new services, market forces, commitments and technological
developments, relating to the Espial. By its nature, such forward-looking
information is subject to various risks and uncertainties which could cause
Espial's actual results and experience to differ materially from the
anticipated results or other expectations expressed. Readers are cautioned not
to place undue reliance on this forward-looking information, which is given as
of the date it is expressed in this document, and Espial undertakes no
obligation to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise.

    The Toronto Stock Exchange has neither approved nor disapproved the
    contents of this press release.

For further information:

For further information: Inquiries from financial press or analysts: Bob
Daly, Chief Financial Officer, Espial Group Inc., (613) 230-4770,; Inquiries from industry press or analysts: Brian Mahony,
Vice President of Marketing, Espial Group Inc., (508) 479-7254,

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Espial Group

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