CALGARY , Aug. 19, 2013 /CNW/ - Ivrnet Inc. (IVI.V) ("Ivrnet" or the "Corporation") announces the non-brokered private placement of up to 6,000,000 common shares of the Corporation (the "Shares") at a price of $0.05 per Share for aggregate proceeds of up to $300,000 (the "Offering"). Proceeds of the Offering will be utilized for the complete development of the next generation of the Corporation's Membership Management & Payment Processing Software Platform. "This is an exciting time for Ivrnet. After a year of rationalizations that have ultimately led to our most recent positive financial results, this core software platform development is our next key business plan implementation milestone. This development will lead to further cost reductions, increase product scalability and enable wider market penetration", says Chris Topolniski, Ivrnet's Vice President of Finance & Administration.
Documentation to attain conditional approval of the Offering with the TSX Venture Exchange is in the process of being filed. Once approved, Ivrnet's proposed Private Placement will consist of a minimum of 2,000,000 and a maximum of 6,000,000 Shares for minimum gross proceeds of $100,000 and maximum gross proceeds of $300,000 . Each Share is subject to a 4 month hold period from date of closing of the Offering. The anticipated date of closing is on or before September 24, 2013 . Insider Placees are expected to compose greater than 25% of the Offering. No finder's fees, broker's fees or commissions are anticipated to be paid in connection with the Offering.
Ivrnet is a software and communications company that develops, hosts, sells and supports value added business process improvement software applications, delivered through the traditional phone network and the Internet. These applications facilitate automated interaction through personalized communication between people; mass communication for disseminating information to thousands of people concurrently and personalized communication between people and automated systems. Ivrnet's applications are accessible through nearly any form of communication technology, at any time, from anywhere in North America via voice, phone, fax, email, texting and the Internet.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release contains forward-looking information relating to the closing of the Private Placement. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the closing of the Private Placement not to occur or the closing date to be materially different from that expressed or implied herein, including but not limited to: risks related to capital markets, general economic conditions, legislative and regulatory developments, and the regulatory approval process for the Private Placement, as well as those factors discussed in Ivrnet's documents filed on SEDAR (www.sedar.com).
Although Ivrnet has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking statements. Ivrnet does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Further information on Ivrnet is available at www.sedar.com.
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.
SOURCE: IVRnet Inc.
- Stocks & Offerings
- TSX Venture Exchange
- private placement
Chris L. Topolniski - Vice President, Finance & Administration, Ivrnet
Direct: (403) 538-9722