Poynt Corporation

Poynt Corporation

December 10, 2010 09:53 ET

Poynt Corporation Announces Underwriter Exercises Option to Sell Additional Units Under Previously Announced Private Placement and Schedules Closing for December 13, 2010

CALGARY, ALBERTA--(Marketwire - Dec. 10, 2010) - 


Poynt Corporation (the "Company") (TSX VENTURE:PYN), a leading provider of mobile local search services, announces an update to the private placement financing (the "Offering") with Cannacord Genuity Corp. (the "Underwriter") previously announced on December 2, 2010. Pursuant to the Offering, the Underwriter has agreed to purchase, on a bought deal private placement basis, 50,000,000 units of the Company ("Units") priced at $0.05 per Unit.

The Underwriter has exercised its option to use its commercially reasonable efforts to arrange for purchasers, on a private placement basis, of up to an additional 25,000,000 Units, for additional gross proceeds of up to $1,250,000. As a result, total gross proceeds under the Offering will be up to $3,750,000. The Offering is expected to close on or about December 13, 2010.

About Poynt Corporation

The Company (about.poynt.com) develops and operates mobile applications that enhance the consumers' ability to connect with the people and businesses most important to them. Their multi-award-winning Poynt application (www.poynt.com) is a mobile local search service available over BlackBerry smartphones, iPhone and iPod Touch as well as Android devices. Through agreements with directory and vertical content providers in Canada, the United States, Europe and Australia, Poynt simplifies finding and connecting with businesses, retailers and events wherever and whenever it is most convenient for the consumer. The MyInboxNow offering enables low-end feature phones to behave like smartphones for email access. MyInboxNow is available to mobile operators as a private label solution. Headquartered in Calgary, AB, Canada, the Company trades on the TSX Venture Exchange under the symbol PYN.

Forward Looking Statement

This news release contains forward-looking statements relating to the private placement financing and other statements that are not historical facts, including the ability of the Underwriter to arrange for purchasers of additional Units and the projected timing of closing the Offering. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The results or events predicated in these forward-looking statements may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on these forward-looking statements.

These forward-looking statements are based on certain key assumptions regarding, among other things: state of the economy in general and capital markets in particular, investor interest in the Company's business and future prospects, the timing of obtaining and receipt of all necessary regulatory approvals and satisfying closing conditions. Material risk factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to: the risk that closing of the Offering could be delayed if the Company is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned; the risk that the Offering will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied; the risk that the intended use of the net proceeds of the Offering by the Company might change if the board of directors of the Company determines that it would be in the best interests of the Company to deploy the proceeds for some other purpose; risks that the marketing efforts will not result in the anticipated proceeds; the deteriorating economic and market conditions that could lead to reduced spending on information technology products; competition in our target markets; potential capital needs; management of future growth and expansion; the development, implementation and execution of the Company's strategic vision; risk of third-party claims of infringement; protection of proprietary information; customer acceptance of the Company's existing and newly introduced products and fee structures; and the success of the Company's brand development efforts; risks associated with strategic alliances; reliance on distribution channels; product concentration; need to develop new and enhanced products; potential product defects; our ability to hire and retain qualified employees and key management personnel; and risks associated with changes in domestic and international market conditions and the entry into and development of new for the Company's products.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on expectations of, or statements made by, third parties in respect of the proposed private placement financing.

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

Contact Information

  • Poynt Corporation
    Andrew Osis
    Chief Executive Officer