Versatile Systems Inc.

Versatile Systems Inc.

November 23, 2009 09:39 ET

Versatile Announces Private Placement Financing

VANCOUVER, CANADA--(Marketwire - Nov. 23, 2009) - Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), announces that it intends to offer a non-brokered private placement of 39,000,000 Common Shares at a price of CDN $0.105 per Share for gross proceeds of CDN $4,095,000. Two of the independent directors of Versatile have participated in this placement subscribing for all of the Shares. Alessandro Benedetti will subscribe for 19,500,000 Shares of the private placement. Bertrand des Pallieres will subscribe for 19,500,000 Shares of the private placement. The Shares will be subject to a four-month hold period. The proceeds will be used for general corporate purposes. The private placement is subject to the approval of both the Board of Directors and the TSX Venture Exchange.

About Versatile
Versatile provides business solutions that enable companies to improve sales, marketing and distribution of their products. Versatile also provides information technology services for the implementation, maintenance and security of mission-critical computer environments. Versatile has the ability to architect solutions involving both proprietary and third party components. For more information:

Forward-Looking Statements
This document may contain forward-looking statements relating to Versatile's operations or to the environment in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile's control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

(C) 2009 Versatile Systems Inc. All rights reserved.

The TSX Venture Exchange and the AIM market of the London Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Versatile Systems Inc.
    John Hardy
    Chairman and CEO
    International: 001-206-979-6760
    Versatile Systems Inc.
    Fraser Atkinson