Versatile Systems Inc.
TSX VENTURE : VV
AIM : VVS

Versatile Systems Inc.

December 29, 2009 13:29 ET

Versatile Closes Private Placement

VANCOUVER, CANADA--(Marketwire - Dec. 29, 2009) - Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), announces the closing of 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 participated in this placement subscribing for all of the Shares. Alessandro Benedetti subscribed for 19,500,000 Shares of the private placement. Lansdowne Capital S.A. a company controlled by Bertrand des Pallieres subscribed for 19,500,000 Shares of the private placement. The Shares will be subject to a four-month hold period to April 30, 2010. The proceeds will be used for general corporate purposes. Application will be made for the new common shares to be admitted to trading on AIM and dealings are expected to commence on three business days following application. Upon the completion of the private placement the Company will have 157,285,643 issued common shares.

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: www.versatile.com.

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.

© 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
    1-800-262-1633 or International: 001-206-979-6760
    or
    Versatile Systems Inc.
    Fraser Atkinson
    CFO
    1-800-262-1633
    www.versatile.com
    or
    NCB Stockbrokers Limited (Nominated Adviser)
    Christopher Caldwell or Barclay Clibborn
    +44 (0) 20 7071 5200