Texada Software Inc. Announces Exercise of Warrants
December 02 2010 - 3:59PM
Marketwired
TEXADA SOFTWARE INC. (the "Company") (TSX VENTURE: TXS) is pleased
to announce that 1,660,000 of the warrants (the "Warrants") issued
in connection with the private placement which closed on December
2, 2008 have been exercised prior to their expiry on December 2,
2010. Accordingly, the Company has issued 1,660,000 common shares
in the capital of the Company (the "Common Shares") at $0.10 per
Common Share for total gross proceeds of $166,000. With the
issuance of these Common Shares, the issued and outstanding Common
Shares have increased to 10,427,349 Common Shares.
1610488 Ontario Ltd. ("1610488"), a company controlled by Iqbal
Kassam, announced that it has exercised the 1,660,000 Warrants
referred to above. After giving effect to this exercise, Mr. Kassam
beneficially holds, through 1610488, (i) 2,998,464 Common Shares
representing 28.75% of the issued and outstanding Common Shares and
(ii) 3,984,000 Common Shares issuable upon conversion of certain
debentures. If all convertible debentures held by 1610488 were to
be fully converted (assuming no other share purchase warrants,
convertible debentures or other convertible securities of the
Company were exercised or converted, as the case may be) Mr. Kassam
would beneficially own approximately 6,982,464 Common Shares or
48.45% of the then-outstanding Common Shares on a partially diluted
basis. 1610488 and Mr. Kassam have acquired the securities of the
Company for investment purposes. 1610488 and Mr. Kassam have no
present intention of acquiring other securities of the Company, or
disposing of any of the securities of the Company they currently
hold. For further information regarding 1610488's acquisition of
securities of the Company or to obtain a copy of the early warning
report in respect of this transaction, please contact John Kirincic
at (604) 654-2553. A copy of the early warning report will also be
available under the Company's profile on SEDAR at
www.sedar.com.
About Texada Software Inc. (TSX VENTURE: TXS)
Texada Software Inc. is the premier provider of enterprise
software solutions for equipment rental and mobile equipment.
Texada's solutions are fully flexible and scalable to meet the
unique needs of any sized operation and are backed by proven
implementation, services and support.
Texada's market-driven software products combine knowledge and
best practices from over 5,000 users worldwide, resulting in
solutions that manage the complete asset life-cycle from
acquisition through to disposal. The Company's customers enjoy the
many benefits of this enhanced efficiency through better asset
utilization, effective location tracking, and optimized
scheduling.
Texada can be reached at 1-800-361-1233 x-2104 or
1-416-357-1107, or on the internet at www.texadasoftware.com.
This news release may contain forward-looking statements which
reflect the Company's current expectations regarding future events.
The forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate", "plan,
"estimate", "expect", "intend" and statements that an event or
result "may", "will", "should", "could" or "might" occur or be
achieved and other similar expressions. These forward-looking
statements involve risk and uncertainties, including the difficulty
in predicting acceptance of and demands for new products, the
impact of the products and pricing strategies of competitors,
delays in developing and launching new products, fluctuations in
operating results and other risks, any of which could cause
results, performance, or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
Many risks are inherent in the industry; others are more specific
to the Company. Texada's ongoing quarterly filings should be
consulted for additional information on risks and uncertainties
relating to these forward-looking statements. Investors should not
place undue reliance on any forward-looking statements. Management
assumes no obligation to update or alter any forward-looking
statements whether as a result of new information, further events
or otherwise.
Neither 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: Corporate communications contact: Texada Software Inc.
Jim McInnis Chief Financial Officer 1-800-361-1233 x - 2104
jmcinnis@texadasoftware.com
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