HALIFAX, May 10, 2017 /CNW/ - kneat.com, inc. (TSXV: KSI) ("Kneat" or the "Company"), the developer of the next generation Kneat.Gx platform for regulated industries, is pleased to announce that it intends to complete a non-brokered private placement for an estimated aggregate gross proceeds of $3,000,000 (the "Offering"). The Company intends to issue an estimated 5,000,000 common shares at an issue price of $0.60 per share.
The gross proceeds of the Offering will be used to accelerate development of the Kneat.Gx platform, increase the awareness of the platform in several regulated industries and enhance the team needed to support a growing list of customers.
"Our customers continue to see significant efficiencies and cost savings from the use of our platform. We intend to capitalize on this momentum with both our on-premise and SaaS models and further penetrate the life sciences industry." said Eddie Ryan, Chief Executive Officer of Kneat.
Closing of the Offering is subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a statutory four-month hold period in accordance with Canadian securities legislation.
Kneat, headquartered in Limerick, Ireland, develops and markets the next generation Kneat.Gx software platform. Kneat.Gx, enables an end-to-end paperless process for all validations, commissioning and qualification, production execution and quality document management. Kneat.Gx allows users to electronically create, approve and execute all deliverables, manage any exceptions and post approve final deliverables in a controlled FDA 21 CFR Part 11 compliant platform. Users with correct permissions can see everything in real time. Customer case studies are reporting productivity improvements in excess of 100% and a higher compliance standard. www.kneat.com.
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the ability to generate sales of the Kneat.Gx platform, the ability to build relationships with current and prospective customers, the market potential for the Kneat.Gx platform, the ability to develop new features for the Kneat.Gx platform, the ability of the Company to raise funds via a private placement, and the compliance of the Kneat.Gx platform under regulatory audit and inspection. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor's own risk.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Sarah Oliver, CFO, kneat.com, inc., 2001-1969 Upper Water Street, Halifax, NS, B3J 3R7, T: +353 61 203826, E: [email protected]