Logibec Groupe Informatique Ltd.
TSX : LGI

Logibec Groupe Informatique Ltd.

June 29, 2005 11:55 ET

Logibec Announces Closing of CDN$13,125,000 Equity Financing

MONTREAL, QUEBEC--(CCNMatthews - June 29, 2005) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Logibec Groupe Informatique Ltd. (TSX:LGI) ("Logibec") today announces the closing of the previously announced private placement pursuant to which an underwriting syndicate led by GMP Securities Ltd. and including Acumen Capital Finance Partners Ltd., agreed to purchase 1,000,000 common shares of Logibec at a price of $10.50 per common share. The underwriters also exercised an option to increase the size of the offering to 1,250,000 common shares for aggregate gross proceeds of Cdn$13,125,000. Net proceeds of the offering will be used to reduce Logibec's bank debt incurred in connection with Logibec's recently completed take-over bid for all of the outstanding common shares of MDI Technologies, Inc.

ABOUT LOGIBEC

LOGIBEC is among the ten largest Canadian companies specializing in the development, marketing, implementation and support of information systems for the health and social services sector. Over 400 health organizations use its products and services delivered by an experienced team of employees that numbered over 200 as of March 31, 2005. The Company has its head office in Montreal as well as offices in Quebec City and Edmonton.

FORWARD LOOKING INFORMATION: This news release may contain certain statements related to revenues, expenses, development plans and similar items that represent forward-looking statements. Such statements are based on assumptions and estimates related to future economic and market conditions. The assumptions are reviewed regularly by management, however, they involve risks and uncertainties including, without limitation, changes in markets and competition, technological and competitive developments, and potential downturns in economic conditions generally, that could cause actual results to differ materially from those contemplated in the forward-looking statements.

Contact Information