Company Raises Funds for Operations and Growth
TORONTO, March 6, 2019 /CNW/ - Nerds on Site Inc. (the "Company" or "NERDS") (CSE: NERD) (FSE: 3NS.F), a mobile IT solutions company servicing the SME marketplace, announces a successful financing.
The Company has raised $600,000 through the issuance of 3,000,000 units at $0.20, with each unit consisting of one subordinate voting share and a full warrant at $0.25 for 3 years. Broker compensation consisted of 8% cash and 240,000 broker warrants having the same terms as the unit warrants. The Company plans to use the proceeds of this financing to accelerate growth in new markets. Securities issued on this financing are subject to trading restrictions ending July 7, 2019.
"Expansion into new markets is accelerating, the response has outpaced our previous expansion experience and this financing will help to secure some key milestones on that growth strategy," said Mr. Charles Regan, CEO of NERDS.
About Nerds On Site:
Nerds on Site, a company founded in 1995, specializes in providing cost effective, leading edge solutions to Small and Medium sized Enterprise (SME), serving as the complete SME IT solution specialists. Nerds on Site was established in London, Ontario with current annual revenues of approximately $10,000,000. The company services over 12,000 clients per year with a superb 96.5% customer satisfaction rating. NOS's business model is based on Nerds sub contracts in Canada and a Franchise model for USA expansion. NOS was hand-picked by Apple Inc. in 2016 to become its mobile enterprise partner, pilot project is ongoing.
Forward Looking Statements - Certain information set forth in this material may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE Nerds On Site Inc.
For further information: Mr. Charles Regan, CEO of Nerds on Site, Please visit www.investors.nerdsonsite.com, Call 1-877-778-2335, or email IR@nerdsonsite.com.