Peter Prytula

March 29, 2005 17:11 ET

Peter Prytula Acquires Option to Purchase 6,808,000 Class A Shares of Library Information Software Corp.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PETER PRYTULA

MARCH 29, 2005 - 17:11 ET

Peter Prytula Acquires Option to Purchase 6,808,000
Class A Shares of Library Information Software Corp.

TORONTO, ONTARIO--(CCNMatthews - March 29, 2005) - Peter Prytula
announces that he has acquired an option (the "Option") to purchase
6,808,000 outstanding Class A shares (the "Option Shares") of Library
Information Software Corp. (the "Corporation") comprising approximately
65.8% of the outstanding Class A shares, and approximately 61.3% of the
outstanding voting shares, of the Corporation. Each Class A share of the
Corporation is convertible into one common share of the Corporation. If
Peter Prytula exercised the Option and then converted all of the
6,808,000 Class A shares into common shares of the Corporation he would
own approximately 90% of the outstanding common shares of the
Corporation. The Option may be exercised on or before June 30, 2005 and
is subject to certain conditions including the revocation of the
outstanding cease-trade order issued by the Ontario Securities
Commission against the securities of the Corporation. The Option was
granted by the owner of the Option Shares to Peter Prytula pursuant to a
private option agreement. Peter Prytula owns no other securities of the
Corporation and no person is acting jointly or in concert with Peter
Prytula in respect of the securities of the Corporation. Peter Prytula
acquired the Option for investment purposes with a view to the possible
reorganization of the business of the Corporation and, in addition to
the exercise of the Option, he may acquire additional securities of the
Corporation pursuant to private transactions following revocation of the
cease trade order.

A report containing additional information in respect to the foregoing
may be obtained by calling Peter Prytula at (416) 843-6434.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Peter Prytula
    124 Saturn Road
    Toronto, Ontario, M9C 2S6
    (416) 843-6434