Odesia Group Inc.
TSX VENTURE : ODS

Odesia Group Inc.

September 18, 2013 19:47 ET

ODESIA Completes the Renewal of its Convertible Debentures

MONTRÉAL, QUÉBEC--(Marketwired - Sept. 18, 2013) - ODESIA Group Inc. ("ODESIA" or the "Corporation") (TSX VENTURE:ODS), a Canadian information technology consulting and solutions company, specialized in Business Intelligence (BI), Business Process Management (BPM) and Big Data Analytics, announces it has completed the renewal of its convertible debentures with two institutional investors dealing at arm's length with the Corporation with the issuance of new unsecured convertible debentures (the "Convertible Debentures"), due November 1st, 2015, for a principal amount of $218,666.67 and $164,000.00 respectively, which represents an aggregate principal amount of $382,666.67 (the "Private Placement").

The Convertible Debentures also include the method of payment of the balance of the interests due on the previous debentures, in the amount of $10,383.42 and $7,787.56 respectively. In addition, the principal amounts of the new Convertible Debentures will bear interest at the annual rate of 10% payable in cash by way of monthly instalments on the first day of each month. The Corporation can at any time refund all or part of the Convertible Debentures before their maturity without penalty.

The Convertible Debentures are convertible at the election of the holders in units ("Units") each including one common share of the capital stock of the Corporation ("Common Share"). The conversion price ("Conversion Price") per Unit will be the greater between: (i) $0.075 per Common Share during the first year following the issue date of the Convertible Debenture and $0.10 per Common Share after the first year following the issue date of the Convertible Debenture until the maturity of the Convertible Debenture; and (ii) the average trading price on the TSX Venture Exchange ("Exchange") for the 30 trading days preceding the receipt of the notice of conversion less the maximum discount allowed by the Exchange. However, the Conversion Price cannot be lower than $0.075 per Unit during the first year following the issue date of the Convertible Debenture and $0.10 per Unit after the first year following the issue date of the Convertible Debenture until the maturity of the Convertible Debenture and greater than $0.15.

The issuance is subject to the final approval by the Exchange and, if applicable, approval of other regulatory authorities. In addition, the Convertible Debentures and Common Shares which might be issued will be subject to mandatory hold period of four (4) months and one (1) day.

About ODESIA Group Inc.

Founded in 1998, ODESIA Group Inc. is a Canadian Information Technology (IT) consulting and solutions company headquartered in Montreal. ODESIA offers solutions in Business Intelligence, Business Process Management and Big Data Analytics. ODESIA's mission is to help its clients improve operations efficiency, enhance process performance and make better business decisions by mastering the right information at the right time and the right place. Website: www.odesia.com

ODESIA is listed on the Toronto Venture exchange under the symbol "ODS".

Disclaimer in regards to forward-looking statements

This press release contains forward-looking statements which reflect ODESIA's current expectations regarding future events and may involve risks or uncertainties. Actual results could differ materially from those projected herein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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