Rand A Technology Corporation
TSX : RND

Rand A Technology Corporation

August 09, 2005 06:00 ET

Rand Worldwide'R' Announces Private Placement Equity Financing

MISSISSAUGA, ONTARIO--(CCNMatthews - Aug. 9, 2005) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Rand A Technology Corporation (TSX:RND), operating as RAND Worldwide® ("the Company"), today announced that it has entered into an agreement with Paradigm Capital Inc. ("Paradigm" or the "Agent"), on behalf of a syndicate of investment dealers, to sell on a best efforts basis 2,500,000 common shares of the Company (the "Offering"). The Agent will have an option to increase the size of the Offering by up to an additional 1,000,000 common shares, at any time up to 24 hours prior to closing. The Offering is expected to close in August 2005.

The Offering will be completed on a private placement basis. The price per common share under the Offering will be determined by negotiation between the Company and the Agent prior to closing the private placement. The proceeds raised from the Offering will be used by the Company to support its growth initiatives and for working capital and general corporate purposes.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an application exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About RAND Worldwide

RAND Worldwide is one of the world's leading providers of professional services and technology to the engineering community and companies looking to improve their competitiveness, productivity and profitability by enhancing key aspects of their Product Lifecycle Management (PLM) and Architecture, Engineering and Construction (AEC) capabilities, including planning, development, and management. As a leading technology independent systems integrator in the world, RAND Worldwide employs 381 people in over 70 sales and client service centers around the world. The Company's corporate head office in Mississauga, Ontario, Canada can be reached at 905-625-2000.

FORWARD-LOOKING STATEMENTS

This news release may contain forward-looking statements based on management's current projections, beliefs and opinions at the date of this news release. Actual results could differ materially from those anticipated in these statements, due to risks and uncertainties which affect the Company's business and operations. Reference should be made to the Company's Annual Information Form and other continuous disclosure documents filed from time to time with Canadian securities regulatory authorities, for a detailed description of such risks and uncertainties. RAND Worldwide undertakes no responsibility to update forward-looking statements if circumstances or management's projections, beliefs or opinions change.

Contact Information

  • RAND Worldwide
    Kriss Bush
    Chief Financial Officer
    (905) 625-2000
    (905) 625-8535 (FAX)
    or
    The Equicom Group Inc.
    Dave Mason
    Investor Relations
    (416) 815-0700 ext. 237