PsiNaptic Inc. announces closing of private placement of units

    NEX: PST.H

    CALGARY, Jan. 28 /CNW/ - PsiNaptic Inc. ("PsiNaptic" or the
"Corporation") is pleased to announce, subject to receiving all regulatory
approvals, that it has completed a non-brokered private placement of 500,000
units (the "Units") of the Corporation at a purchase price of $0.05 per Unit
for gross proceeds of $25,000. Each Unit consists of one Class A common share
(a "Common Share") of the Corporation and one Common Share purchase warrant (a
"Warrant") entitling the holder of one whole Warrant to acquire an additional
Common Share at an exercise price of $0.10 at any time until the first
anniversary of its issue date. The Units are subject to a hold period of four
months according to applicable securities legislation. The Corporation intends
to use the proceeds for general corporate purposes.

    About PsiNaptic Inc.

    PsiNaptic is a technology company that develops and markets software
based on open standards to address the growing need to connect small,
low-power wired or wireless devices without human intervention, configuration
or set up. PsiNaptic solutions operate on multiple platforms, across various
networks including Bluetooth and WiFi.

    Statements in this release which describe the Corporation's intentions,
expectations or predictions, or which relate to matters that are not
historical facts are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties which may cause
the actual results, performances or achievements of the Corporation to be
materially different from any future results, performances or achievements
expressed in or implied by such forward-looking statements. The Corporation
may update or revise any forward-looking statements, whether as a result of
new information, future events or changing market and business conditions.

    The NEX has not reviewed and does not accept responsibility for the
    adequacy and accuracy of this release.

For further information:

For further information: Aaron Dagan, President & Chief Executive
Officer, or Morris Bleviss, Chief Financial Officer, Telephone: (403)
775-2236, E-mail: or; Website:

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