/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Aug. 15 /CNW/ - PsiNaptic Inc. ("PsiNaptic" or the
"Corporation") announces that the Corporation and Innovative Products for Life
Inc. ("IPL") have mutually agreed to terminate the previously announced
acquisition of all of the issued and outstanding shares of IPL by the
Corporation (the "Transaction"). In conjunction with the termination of the
Transaction, the Corporation will not proceed with the previously announced
brokered private placement financing of at least $2,500,000 at a price of
$0.05 per share and the subsequent share consolidation on a 5 to 1 basis. Both
the Corporation and IPL have determined that it is in the best interests of
their respective shareholders to terminate the Transaction and to explore
other opportunities. The trading of the common shares of the Corporation is
currently on halt and will resume on or about Tuesday, August 19, 2008 on NEX.
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 TSX Venture Exchange 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: firstname.lastname@example.org or email@example.com, Website: