Sitebrand Inc.

Sitebrand Inc.

April 29, 2010 16:01 ET

Sitebrand Announces Private Financing

GATINEAU, QUEBEC--(Marketwire - April 29, 2010) - Sitebrand Inc (TSX VENTURE:SIB), a leader in online marketing solutions today announced it has successfully completed the first closing of a non brokered private placement resulting in gross proceeds of approximately $162,000. Sitebrand expects to raise up to approximately an additional $238,000 in subsequent closings in the next two weeks. 

Under the terms of the financing, Sitebrand issued 2,151,333 units at a price per unit of $0.075. Each unit consists of one common share and one non-transferable warrant entitling the investor to purchase a common share for an additional purchase price of $0.15 during the 18 month period following the closing. The warrants are subject to an earlier call right in favor of Sitebrand in the event the closing price of a common share equals or exceeds $0.20 for a 30 day period prior to the expiry date. The securities issued under this private placement are subject to restrictions on transfer, including a hold period ending four months after closing on August 30, 2010. The net proceeds of the financing will be used to fund working capital and for general corporate purposes.

Sitebrand has taken aggressive steps to reposition and refocus itself in the emerging web personalization market," says Sitebrand President and CEO Chris Corman. After validating our technology with a successful licensing arrangement, and completing beta trials with top US clients and prospects, we are now preparing to launch relevance7 - our newest technology platform which will be rolled out this quarter." With improvement in market conditions and the substantial growth in the web personalization software category, we believe Sitebrand is now well positioned for growth," says Corman. "The market is clearly responding to our new leading edge product and our team continues to build key relationships with a growing base of channel resellers that need a personalization offering for their customers."

About Sitebrand

Sitebrand personalizes the customer experience for leading online websites across North America with relevant messaging to boost conversion rates, build visitor loyalty, brand, and grow revenues. Sitebrand's personalization platform is an innovative, easy to integrate online marketing solution supported by a seasoned team of personalization experts. Founded in 2000, Sitebrand is the trusted leader in web personalization, serving nearly 500 million personalized experiences every month. Sitebrand customers include Smashbox Cosmetics, Kiyonna, James Allen Jewelers, Roots Canada, and BMO Financial.

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.

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