Epic Data International Inc.

Epic Data International Inc.

March 10, 2011 20:19 ET

Epic Data Announces Completion of $2 Million Loan Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2011) - Epic Data International Inc. (TSX VENTURE:EKD), a provider of manufacturing operations management solutions, today announced that further to its news release of February 3, 2011, it has now received shareholder approval and final approval from the TSX Venture Exchange (the "Exchange") for the $2 million loan transaction with North-America Vanstar Investments Ltd. The proceeds of the loan will be used to support the Company's sales and marketing operations, and development of research and development facilities in China.

In connection with the loan, the Company granted security for the loan and issued warrants that will entitle North-America Vanstar Investments to purchase up to an aggregate of 500,000 common shares of the Company at a price of $0.09 per share until January 31, 2016, provided, however, that if the loan is repaid in full prior to January 31, 2016, then the warrants will expire on such date. The warrants are subject to a four-month hold period in accordance with the policies of the Exchange and applicable securities legislation expiring on June 1, 2011.

About Epic Data International Inc.

Epic Data International Inc. is a provider of manufacturing operations management and warehouse management solutions. For over 35 years Epic Data has delivered real-time data collection and production information to the world's most progressive discrete manufacturers through turnkey data collection, warehouse management and lean manufacturing operations management solutions. Defense contractors, aerospace, automotive, high technology and industrial equipment & machinery manufacturers, employ Epic Data solutions to optimize the ROI of their manufacturing IT infrastructure investments and operations by increasing plant productivity, materials visibility and production velocity. Customers include Lockheed Martin, Bell Helicopter, Komatsu, Bombardier Learjet, CAE Inc., Kingfisher (B&Q) plc, Joy Mining Machinery, Cobham Defence Communications Ltd., GE Aircraft Engine, Contour Premium Aircraft Seating, McBride plc, Phoenix Contact, Rolls-Royce and Volvo.

For more information about Epic Data please visit our website at www.epicdata.com.

Forward Looking Statements

Certain information in this news release may contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements, including but not limited to those with respect to future business in China that may be developed through the expenditure of the loan proceeds, relate to uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 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.

Contact Information

  • Epic Data International Inc.
    Robert Nygren
    President & CEO