OTTAWA, Canada (PRWEB) March 3, 2006 -–
Impatica Inc., an industry leader in the delivery and viewing of PowerPoint presentations over the Internet and wireless networks, today announced that it successfully completed a bridge financing.
On February 24, 2006, the Company completed a bridge financing by way of the issuance of $532,980.90 principal amount of secured notes, which resulted in net proceeds of approximately $450,977.56 after commissions and related expenses. Fifty percent of the principal amount must be converted to equity if $1,000,000 in equity financing is raised by the Company within 90 days of closing. The notes are subject to conversion rights, repayable by the Company at any time without penalty prior to the maturity date of April 30, 2007 and are convertible into common shares at a conversion rate of $0.25 per share. The holders of secured notes also received warrants to purchase common shares at an exercise price of $0.30 exercisable prior to February 24, 2011. These notes rank ahead of all unsecured obligations, but behind up to $350,000 in bank loans plus up to 75% of accounts receivable and anticipated tax refunds.
“This financing will allow us to ramp up production of the Impatica ShowMate to meet growing world-wide demand for this highly unique product” said Michael Doyle, Chairman & CEO of Impatica. “In addition, these funds will provide cash for continued development and marketing of both our desktop and server based product” Doyle continued.
Impatica ShowMate is the first device of its kind. It allows BlackBerry users to project PowerPoint presentations directly from their handhelds, without the need for a laptop computer. A pocket-sized device that weighs less than three ounces, ShowMate supports full-featured PowerPoint presentations including rich text, images, charts, graphs, animations and slide transition effects.
Impatica’s ShowMate is available from distributors and strategic partners around the world and from Impatica directly at http://www.impatica.com.
About Impatica Inc.
Impatica products enable users of Microsoft PowerPoint and Macromedia Director™ to deliver their content plug-in free, to Java-enabled computers and other devices, even at dial-up speeds. These presentations can be synchronized to video and scrolling text, complete with indexing, navigation, and search capabilities using Impatica OnCue. Approximately 2,500 organizations including some 2,000 colleges and universities and hundreds of corporations use Impatica products to communicate more effectively with hundreds of thousands of people every day.
For more information:
(613) 736-9982 ext. 279