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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/08/10 -- Epic Data International Inc. (TSX VENTURE: EKD), a provider of manufacturing operations management and real-time data collection solutions, today announced it has arranged a non-brokered private placement of 4,576,923 common shares at a price of $0.13 per share for gross proceeds of $595,000.
Proposed investors in the private placement include Pacific Wally International Holdings Corp. and a current shareholder. Pacific Wally intends to acquire 4,000,000 common shares for proceeds of $520,000.
"We are excited to welcome this new investor that brings strong Canada-China business relationships," said Robert Nygren, President & CEO of Epic Data. "As one of the global manufacturing powerhouses, China represents a great market opportunity for our company's proven manufacturing operations solutions."
Cathy Li Ju, President & CEO of Pacific Wally stated, "We are pleased to be making an investment in this technology leader. Epic Data has established a strong international brand through its long history in helping many of the world's leading manufacturers become more efficient through innovative IT solutions."
The proceeds received from the sale of the common shares will be used to market the Company's manufacturing operations management software products in China and for general working capital purposes. The common shares issued in connection with the private placement will be subject to a four month plus a day hold period. The closing of the private placement is subject to the acceptance of the TSX Venture Exchange.
About Epic Data
For over 30 years Epic Data has delivered real-time shop floor information to the world's most progressive discrete manufacturers through turnkey data collection, warehouse management, MES and lean manufacturing operations management solutions. Defense contractors, aerospace, automotive, high technology and industrial equipment & machinery manufacturers, employ Epic Data solutions to optimize the ROI of their manufacturing IT infrastructure investments and operations by increasing plant productivity, materials visibility and production velocity. Customers include Lockheed Martin Aeronautics Corporation, Bell Helicopter, Komatsu, Bombardier Learjet, CAE Inc., Kingfisher plc, Joy Mining Machinery, Cobham Defence Communications Ltd., GE Aircraft Engine, Contour Premium Aircraft Seating, McBride plc, Phoenix Contact, Rolls-Royce and Volvo.
More information about Epic Data is available at www.epicdata.com.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any State laws and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Caution Regarding Forward-looking Statements
In this document and in other documents filed with Canadian regulatory authorities or in other communications, the Company may from time to time make written or oral forward-looking statements within the meaning of applicable securities legislation, including statements regarding the closing of the financing and the Company's business plans and financial objectives. These statements typically use words such as prospects, believe, estimate, forecast, project, expect, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. By their very nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties, both general and specific in nature. It is therefore possible that the forecasts, projections and other forward-looking statements will not be achieved or will prove inaccurate. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it provides no assurance that these expectations will prove to have been correct. The Company cautions readers against placing undue reliance on forward-looking statements when making decisions, as the actual results could differ considerably from the opinions, plans, objectives, expectations, forecasts, estimates and intentions expressed in such forward-looking statements due to various material factors. Among other things, these factors include fiscal and economic policies, changes in interest and foreign exchange rates, and general economic conditions, legislative and regulatory developments, competition and access to capital. The Company further cautions that the foregoing list of factors is not exhaustive. For more information on the risks, uncertainties and assumptions that would cause the Company's actual results to differ from current expectations, please also refer to the Company's public filings available at www.sedar.com. The Company does not undertake to update any forward-looking statements, whether oral or written, made by itself or on its behalf, except to the extent required by securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Epic Data International Inc.
Robert Nygren
President & CEO
604-273-9146
robert.nygren@epicdata.com
www.epicdata.com
