Extenway Solutions Inc.

Extenway Solutions Inc.

March 22, 2010 11:28 ET

Extenway Solutions Announces its Intention to Proceed With a Private Placement of Units for a Maximum Amount of 8M$

MONTREAL, QUEBEC--(Marketwire - March 22, 2010) - Extenway Solutions Inc. (TSX VENTURE:EY) ("Extenway" or the "Corporation") announces its intention to proceed with a private placement of units for a maximum amount of 8M$.

Each unit of the private placement are to be issued at a price per unit of $ 0.25 and will consist of one common share plus one common share purchase warrant, where each common share purchase warrant entitles the holder to purchase one common share at a price of i) $0.50 within twelve months following the issuance of the warrant, ii) $0.70 between twelve months and one day and twenty-four months from the issuance of the warrant and, iii) $1.00 between twenty-four months and one day and on the date that is thirty-six months from the issuance of the warrant. Pursuant to this proposed private placement, a maximum of 32,000,000 common shares and 32,000,000 common share purchase warrants of Extenway could be issued.

The Corporation also intends to proceed with the conversion of existing debts into securities of the Corporation for an amount of up to $3,756,165 with creditors of the Corporation. The Corporation has received the conditional approvals of the TSX Venture Exchange to proceed with the private placement and debt conversion.

About Extenway Solutions Inc.

Extenway is a trusted provider of media, connectivity and communications solutions serving the hospitality and healthcare industries. The company's services include Interactive Television Solutions, Bedside Terminal Solutions, as well as Internet, entertainment, Content, Marketing, Advertising Media, Education and Integration Solutions. Extenway enables guest-centric organizations get connected, informed and entertained. For more information, visit www.extenway.com.

Disclaimer – Safe Harbour Forward –Looking Statements

Certain statements contained in this press release constitute forward-looking statements. These forward-looking statements relate to the future financial conditions, results of operations or business of the Company. These statements may be current expectations and estimates about the markets in which Extenway Solutions Inc. operates and management's beliefs and assumptions regarding these markets. These statements are subject to important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. The results or events predicted in forward-looking statements may differ materially from actual results or events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In particular, forward-looking statements do not reflect the potential impact of any merger, acquisitions or other business combinations or divestitures that may be announced or completed after such statements are made.

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.

Contact Information

  • Extenway Solutions Inc.
    Mr. John McAllister
    President and CEO
    514-694-4280 (FAX)