TrueContext Mobile Solutions Corporation
TSX VENTURE : TMN

May 03, 2010 18:07 ET

TrueContext Mobile Solutions Corporation Announces Closing of Private Placement

OTTAWA, ONTARIO--(Marketwire - May 3, 2010) - TrueContext Mobile Solutions Corporation (TSX VENTURE:TMN) ("TrueContext" or the "Company"), a mobile data solutions company today announced that its previously announced private placement has closed and that it has issued an aggregate of 3,750,000 units of TrueContext at $0.20 per unit (each unit consisting of one common share in the capital of TrueContext and one half of one common share purchase warrant) for gross proceeds of $750,000. Each whole common share purchase warrant will entitle the holder thereof to acquire one common share of TrueContext at an additional purchase price of $0.40 per share at any time up to May 3, 2012.

The proceeds of the offering will be used by the Company to fund its operations, including expansion with operators. Insiders of the Company subscribed for an aggregate of 2,812,500 units of TrueContext. Unless permitted under applicable securities legislation, the purchasers of the common shares and common share purchase warrants may not trade such securities before September 4, 2010.

ABOUT PRONTOFORMSAND TRUECONTEXT

TrueContext ProntoForms™ enables organizations to mobilize business processes in minutes, increasing productivity and eliminating the use of paper. Workgroups can create their own forms, capture data from the field, and then report and act on mission critical information, all in real time and in a secured and managed cloud environment. The data in the field is captured on commonly deployed mobile devices, such as Blackberry, Windows Mobile, Web browsers and iPhone devices.

ProntoForms™ is the trademark of TrueContext Corporation, a wholly-owned subsidiary of TrueContext.

Established in 2001, TrueContext is a pioneer in the creation and utilization of easy to use Mobile Data Collection applications. TrueContext's flagship product, ProntoForms™ (www.prontoforms.com) simplifies field data capture and extends the most powerful business applications to nearly any mobile device. This award-winning, patent-pending technology allows non-technical customers to securely build, manage and deploy a wide variety of forms for mobile workforce management. For questions or additional information, please contact TrueContext at sales@truecontext.com or at +1.877.668.6438.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any state securities laws and may not be offered or sold within the United States or to US persons unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • TrueContext Mobile Solutions Corporation
    Alvaro Pombo
    Chief Executive Officer
    613.599.8288 ext. 1111
    apombo@truecontext.com