Talware Networx Inc.

Talware Networx Inc.

August 17, 2007 12:12 ET

Talware Networx Inc. Press Release

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2007) - Talware Networx Inc. ("Talware")(TSX VENTURE:JBS) announces today that it has closed the final portion of its previously announced offering, issuing 320,000 subscription receipts (the "Receipts") today and 166,667 Receipts on August 9, 2007 to qualified purchasers at a subscription price of $0.15 per Receipt for gross proceeds to Talware of $73,000. Upon the satisfaction of certain release conditions, including but not limited to obtaining shareholder and regulatory approval to Talware's previously announced Change of Business, each Receipt will be exchangeable for one unit, with each unit consisting of one flow-through common share of Talware and one share purchase warrant entitling the holder thereof to purchase one non-flow through common share of Talware for $0.25 per share for a period of one year following the date of the issuance.

Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the Change of Business, any information released or received with respect to the Change of Business may not be accurate or complete and should not be relied upon. Trading in the securities of issuer should be considered highly speculative.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Talware believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Talware disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction not approved or disapproved of the contents of this news release.

Contact Information

  • Talware Networx Inc.
    Paul Vorvis
    (416) 862-2525
    (416) 362-2408 (FAX)
    Email: pvorvis@talware.com