May 07, 2007 08:00 ET

Syscan Closes Private Placement to Finance Growth

MONTREAL, CANADA--(CCNMatthews - May 7, 2007) - Syscan International Inc. (the "Corporation") (TSX VENTURE:SYA) is pleased to announce that, further to its news release of April 10, 2007, it has closed a non-brokered private placement of 5,032,166 units (the "Units") to various accredited investors for gross proceeds of $754,825. Each Unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Corporation at $0.25 until May 4, 2009.

In respect of finder's fees, the Corporation has paid cash of $29,500, issued 101,533 Units in lieu of cash finder's fees of $15,230 and issued 196,667 broker's warrants. Each broker's warrant entitles the holder to purchase one additional common share of the Corporation at $0.20 until May 4, 2009.

Any hold periods on the common share purchase warrants or the broker's warrants or the common shares underlying them will expire on September 5, 2007.

The net proceeds of this placement will be used for general working capital purposes.

In further Corporate news, the Company announced today that the Annual Meeting for fiscal 2006 is now scheduled to take place August 30.

About Syscan International Inc.

Syscan is a unique supply chain solution provider that delivers integrated real-time tracking and tracing systems that improve business efficiency through Radio Frequency Identification (RFID). Its standardized supply chain solutions include traceability, temperature monitoring and quality control applications for the food and pharmaceutical and military sectors. Shares of Syscan trade on the TSX Venture Exchange under the symbol SYA. There are approximately 44.7 million shares outstanding.

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Forward-looking statements: This news release may contain forward-looking statements that relate to future events or expectations of future performance. Forward looking statements reflect management's current beliefs and are based on information presently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. The forward-looking statements are made as of the date hereof and Syscan does not assume any obligation to update or revise them to reflect new events or circumstances.

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

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