Talware Networx Inc.

Talware Networx Inc.

March 24, 2006 17:09 ET

Talware Networx Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - March 24, 2006) - Talware Networx Inc. (TSX VENTURE:JBS) announced today that it has completed a private placement for gross proceeds of $145,000. Talware issued 580,000 common shares at an issue price of $0.25 per share.

The net proceeds of the offering will be used for working capital and general corporate purposes.

Talware is also pleased to announce that, in settlement of outstanding debts owed to certain of its creditors, the Company has issued 2,256,000 common shares at an issue price of $0.25 per share in exchange for the forgiveness of $564,000 of debt.

All securities issued will be subject to a four month hold period following the closing date.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

Issued Capital: 7,969,304 Common Shares

Neither the TSX Venture Exchange, nor any other securities Regulatory Authority has approved or disapproved of the contents of this news release.

Contact Information

  • Talware Networx Inc.
    Alan Rootenberg
    (416) 862-2525 Ext. 233