Fireswirl Technologies Inc.

Fireswirl Technologies Inc.

January 31, 2007 16:23 ET

Fireswirl Technologies Announces C$3 Million Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2007) - Fireswirl Technologies Inc. (TSX VENTURE:FSW) ("Fireswirl") announces a non-brokered private placement financing of up to three million units at $1.00 per unit. Each unit will consist of one common share and one-half of a share purchase warrant. Each full warrant will entitle the holder to purchase one common share for $1.25 for a period of two years from the date of closing. The warrants will include a forced conversion upon the price of the underlying shares exceeding $1.50 for a period of 30 days or more. The private placement is expected to close in February 2007. The proceeds of this financing will be used for general working capital.

"Capital raised through this private placement financing will enable us to accelerate the development of new products and the expansion of our markets, particularly in Asia," says Dale Peterson, Fireswirl's CEO. "Our targeted opportunities are within our core expertise, but require additional funding for one-time costs relating to product development and infrastructure."

Shares issued under the private placement will be subject to a four-month hold period from the date of closing. A commission of 7% will be paid on the transaction. The offering is subject to regulatory approval.

About Fireswirl Technologies Inc.

Fireswirl Technologies Inc. (TSX VENTURE:FSW) is focused on creating transactional revenue by engineering electronic and mobile commerce solutions for content providers. The company's technology has broad applications for those requiring multiple payment interfaces, multi-currency and multi-language capabilities. It can be adapted to any industry seeking high volume or micro-payment solutions involving a wide base of users.

Forward-Looking Statement

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to risks associated with foreign countries, changes in laws and regulations, proprietary protection, dependence on market growth, foreign exchange fluctuations, regulatory requirements and dependence on the internet and system infrastructure. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Fireswirl Technologies Inc. - Head Office
    Dale Peterson
    (604) 685-9555 Ext. 230
    (604) 605-0633 (FAX)
    Fireswirl Technologies Inc. - Head Office
    Keir Reynolds
    Investor Relations
    (604) 684-4743 Ext. 231 or Toll Free: 1-866-684-4743