July 19, 2007 10:07 ET

Prosys Announces it is in Discussions to Acquire a Business

MONTREAL, QUEBEC--(Marketwire - July 19, 2007) - To avoid rumours and following discussions with the TSX Venture Exchange, Prosys Tech Corporation (the "Corporation" or "Prosys")(TSX VENTURE:POZ) confirms today that it is in discussions in view to acquire a business in the same field as the Corporation. The whole is subject to the usual conditions such as the completion of due diligence and a private financing for a maximum of $2,5 million by way of a bridge loan or equity by the issuance of a maximum of 12 500 000 units at $0,20 each unit.

Each unit consists of one (1) Common Share of the Corporation and one half (1/2) warrant. One (1) warrant entitles the holder thereof to purchase, subject to adjustments in certain events, one (1) Common Share at an exercise price of $0.25 for a period of 24 months from the date of the closing of the financing.

The above is also conditional to the usual regulatory approvals.

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

Contact Information

  • Prosys Tech Corporation
    Mr. Georges Hebert
    President and Chief Executive Officer
    514-255-3454, ext. 270