/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR
TO U.S. NEWS AGENCIES/
VANCOUVER, March 15 /CNW/ - Further to its news release of January 29,
2007, Ignition Point Technologies Corp. (TSX-VEN:IPN), a Vancouver-based
broadband communications company, announces that it has closed a non-brokered
unit financing for gross proceeds of $2 million, which will be used for the
general corporate purposes of Ignition Point and its subsidiary, TeraSpan
Networks Inc. Each of the 2,000 units issued consists of $1,000 principal
amount 15% secured debentures of Ignition Point and 2,500 non-transferable
warrants. Each warrant entitles the holder to acquire one common share in the
capital of Ignition Point until March 15, 2009 at a price per share of $0.20.
The debentures mature on March 15, 2009 and are secured by a general security
interest over all of the assets of Ignition Point.
All securities issued in connection with the financing are subject to a
four month hold period which expires on July 16, 2007.
Certain directors and officers of Ignition Point and/or its subsidiary,
TeraSpan Networks Inc., participated in the financing for an aggregate
$540,000 of the gross proceeds.
About TeraSpan Networks
TeraSpan Networks specializes in reliable, cost effective fiber optic
cable deployment for a variety of markets including municipalities, telecom
carriers, public utilities, universities, schools and hospitals. TeraSpan's
robust, environmentally friendly Vertical Inlaid Fiber(TM) (VIF(TM))
technology enables rapid and cost effective delivery of communication
infrastructures necessary to support dependable, high-bandwidth services for
any application. www.teraspan.com
About Ignition Point
Ignition Point Technologies Corp. (TSX-VEN:IPN), a Vancouver-based
broadband technology company, provides unique access and applications
solutions to wired and wireless network service providers. Ignition Point's
subsidiaries are TeraSpan Networks Inc. www.teraspan.com and FatPort
Corporation www.fatport.com. For more information, visit www.ignitionpoint.ca.
This release may contain certain forward-looking statements reflecting
Ignition Point Technologies' current expectations in the broadband
communications market. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including, without limitation,
changes in market and competition, technological developments and potential
downturns in economic conditions generally. Additional information on these
and other potential factors that could affect the company's financial results
are detailed in documents filed from time to time with the British Columbia
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY
NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS
REGISTERED OR EXEMPT THEREFROM.
For further information:
For further information: Stephen Majlath, Chief Financial Officer,
Ignition Point Technologies Corp., Phone: (604) 633-9090