iWave Information Systems Inc.

iWave Information Systems Inc.

July 13, 2005 13:26 ET

iWave Announces Completion of Sale of Subsidiary and Private Placement Appointment of New Board; New Name

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 13, 2005) - iWave Information Systems Inc. (TSX VENTURE:IWX.H) ("iWave") announced today that it has completed its previously announced sale of its Rainforest Publications Inc. subsidiary and related debt and intellectual property to a company controlled by former CEO, Jamie Hill, for cash consideration of $350,000.
iWave also announced that it has completed its previously announced financing of 2.5 million units at a price of $0.06 per unit raising gross proceeds of $150,000. Each unit consisted of one common share of and one share purchase warrant entitling the holder to purchase one common share at an exercise price of $0.10 for a period of two years from the closing. All securities issued pursuant to the private placement are subject to a 4 month hold period. A finder's fee of 108,000 units was paid to Pacific International Securities Inc. in connection with the placement. The sale of the subsidiary and private placement were approved by shareholders at iWave's annual and special meeting held on June 24, 2005.

In conjunction with the subsidiary sale and private placement transactions, all directors and officers of the company resigned and were replaced by Allan Williams, President and Director; Ian McKinnon, Director and Dean Swanberg, Director. In addition, the listing of the company's common shares was transferred to the NEX Board of the TSX Venture Exchange under the trading symbol IWX.H. The name of the company has also been changed to First Factor Developments Inc. and it is anticipated that the company's common shares will commence trading shortly under the new name and under a new trading symbol to be announced.

Shares Issued - 8,510,468

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release.

Contact Information

  • iWave Information Systems Inc.
    Allan Williams
    (604) 484-7088