Shift Networks Inc. announces closing of a private placement financing30 August 2005
Shift Networks Inc. (SHF: TSX-VEN), one of Canada's leading providers of hosted Voice over IP phone services for business, announced today that it closed a private placement and that subject to receiving final TSX Venture Exchange approval, will issue 460,700 Units at $0.10 per Unit. Each Unit consists of one common share and one non-transferable share purchase warrant. Each share purchase warrant will be exercisable into one common share at a price of $0.15 until September 30, 2006. The securities issued are subject to a four-month hold period.
The proceeds from the Private Placement will be used for network expansion, sales and marketing, general and administration, and working capital.
Shift Networks-"More than just Talk". Shift Networks provides small and medium business customers enhanced features, savings and complete control of their business communications with a unique new generation of managed Voice over IP (VoIP) telephone services that eliminate the need for traditional customer premise-based telephone systems (Key systems or PBX). Shift provides high quality digital, business class, hosted, VoIP multi-line telephone services over high speed, secure data connections that are administered through a web browser. Shift currently provides service in Alberta in the (403) and (780) area codes of Calgary and Edmonton. Shift Networks trades on the TSX Venture Exchange under the symbol "SHF". Please visit our website at www.shiftnetworks.com.
The TSX Venture Exchange does not accept responsibility for the adequacy and accuracy of this release.
For further information: Please Contact: Press & Media, Christian Darbyshire, (416) 419-9953, tinepublic@shaw.ca; Cavalcanti Hume Funfer Inc., Investor Relations Counsel, Cathy Hume, CEO, (416) 868-1079 ext. 231, cathy@chfir.com; Shift Networks Inc., Trent Johnsen, President and CEO, (403) 355-2703, tjohnsen@shiftnetworks.com
Source: Groupe CNW
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