Up to $1 million for operations expansion and talent acquisition
CALGARY, May 10, 2019 /CNW/ - Renoworks Software Inc. (TSXV: RW)("Renoworks") the leading visualizer platform for the home remodeling and new home construction industry, is pleased to announce that it intends to complete a private placement (the "Private Placement") to raise up to $1,000,000 via the issuance of up to 2,857,142 units (each a "Unit") at a price of $0.35 per Unit.
Each Unit is comprised of one common share in the capital of Renoworks (a "Common Share") and one common share purchase warrant (a "Warrant").
Each Warrant entitles the holder to purchase one Common Share at a price of $0.45 per Common Share at any time prior to 4:00 p.m. (Mountain Standard Time) on the date that is twenty-four (24) months following the closing date of the Private Placement.
The Common Shares and Warrants issued in connection with the Private Placement will be subject to a four (4) month hold period from the closing date, as prescribed by TSX Venture Exchange and applicable securities laws. The closing of the Private Placement is subject to receipt of subscription agreements from suitable investors and receipt of TSX Venture Exchange approval.
Growth trends in the home remodeling and construction industry, and increased integration of digital technologies among building product companies has translated into growing demand for visualization solutions and ancillary services. Renoworks year-over-year strong performance provides strong indication that these trends will continue as more of the industry embraces its solutions.
"Demand for our Design Services has grown in the short few years since its inception," stated Doug Vickerson, CEO of Renoworks. "We are now supporting some of the top building product manufacturers in the world through this group and will continue to do so to better deliver on our corporate vision."
To build upon this momentum, Renoworks will provision the funds raised to support its thriving Design Services Group, as well as expand and extend its reach into current and new industries via Renoworks FastTrack – its all-in-one design and measurement platform for contractors, installers and roofers.
The acquisition of new talent and skilled labour through the use of these funds will better support its current pipeline of projects and allow Renoworks to pursue new opportunities available through its strategic partnership with Geomni, and the new Renoworks FastTrack platform.
Renoworks will also advance its development of machine learning (M.L.)/artificial intelligent (A.I.) technologies, and leadership in business analytics for the industry.
Renoworks Software Inc. develops and sells unique digital visualization software and integration solutions for the remodeling and new home construction industry. Renoworks delivers its technology to manufacturers, contractors, builders, and retailers, offering solutions to one of the home improvement industry's greatest challenges: enabling homeowners to review their product selections in a true-to-life virtual environment before committing to purchases and construction. Renoworks markets its technologies as innovative engagement tools and generates revenues from five main business lines: Renoworks Enterprise, Renoworks PRO, Renoworks Design Services, Renoworks FastTrack and Renoworks API (Application Programming Interface).
Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, Renoworks' intention to complete a private placement of units to raise up to $1,000,000, are forward-looking and are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. There is no assurance that Renoworks will be able to raise $1,000,000 or any lesser amount. Further, there is no assurance that Renoworks will be able satisfy any conditions to closing the Private Placement that may arise. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. Renoworks assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE RenoWorks Software Inc.
For further information: RenoWorks or the Private Placement, please contact: Renoworks Software Inc., 2721 Hopewell Place NE, Calgary, Alberta, Canada T1Y 7J7, Attention: Doug Vickerson, CEO, Phone: 403-296-3880, E-mail: firstname.lastname@example.org; For investor information for Renoworks, please contact: Contact Financial Corp., 810 609 Granville St., Vancouver, BC, Canada V7Y 1G5; CO: RenoWorks Software Inc., Attention: Rob Gamley, Phone: 604-689-7422, Email: email@example.com