Talware Networx Inc.
TSX VENTURE : JOB

Talware Networx Inc.

August 25, 2005 18:13 ET

Talware Networx Inc. Announces Completion of Private Placement

TORONTO, ONTARIO--(CCNMatthews - Aug. 25, 2005) - Talware Networx Inc. (TSX VENTURE:JOB) announced today that it has completed the second tranche of a private placement of a secured convertible debenture previously announced on August 9, 2005. Between the first and second tranche of the private placement, the company issued three convertible debentures (the "Convertible Debentures") in the aggregate principal amount of $90,000. The Convertible Debentures bear interest at a rate of 10% per annum and mature on July 31, 2006, August 10, 2006 and August 17, 2006, respectively. The Convertible Debentures are secured by a first charge against Talware's assets. The Convertible Debentures are convertible into common shares of Talware at the holder's option at a price per common share equal to the higher of $0.05 and the average of the closing price of Talware's common shares for the 10 business days immediately prior to the date of the notice of conversion. Any common shares issued upon conversion of the Convertible Debentures will be subject to resale restrictions until four months from the date of issuance of each Convertible Debenture, being December 1, 2006, December 11, 2006 and December 18, 2006, respectively.

About Talware Networx Inc.

Talware Networx Inc. provides human capital retention and recruitment solutions for professional recruitment companies and corporate human resource departments. The company's suite of products allows users to source and manage human capital resources on a local, national and global basis.

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