Texada Software Inc.

Texada Software Inc.

December 02, 2010 16:59 ET

Texada Software Inc. Announces Exercise of Warrants

GUELPH, ONTARIO--(Marketwire - Dec. 2, 2010) - TEXADA SOFTWARE INC. (the "Company") (TSX VENTURE:TXS) is pleased to announce that 1,660,000 of the warrants (the "Warrants") issued in connection with the private placement which closed on December 2, 2008 have been exercised prior to their expiry on December 2, 2010. Accordingly, the Company has issued 1,660,000 common shares in the capital of the Company (the "Common Shares") at $0.10 per Common Share for total gross proceeds of $166,000. With the issuance of these Common Shares, the issued and outstanding Common Shares have increased to 10,427,349 Common Shares.

1610488 Ontario Ltd. ("1610488"), a company controlled by Iqbal Kassam, announced that it has exercised the 1,660,000 Warrants referred to above. After giving effect to this exercise, Mr. Kassam beneficially holds, through 1610488, (i) 2,998,464 Common Shares representing 28.75% of the issued and outstanding Common Shares and (ii) 3,984,000 Common Shares issuable upon conversion of certain debentures. If all convertible debentures held by 1610488 were to be fully converted (assuming no other share purchase warrants, convertible debentures or other convertible securities of the Company were exercised or converted, as the case may be) Mr. Kassam would beneficially own approximately 6,982,464 Common Shares or 48.45% of the then-outstanding Common Shares on a partially diluted basis. 1610488 and Mr. Kassam have acquired the securities of the Company for investment purposes. 1610488 and Mr. Kassam have no present intention of acquiring other securities of the Company, or disposing of any of the securities of the Company they currently hold. For further information regarding 1610488's acquisition of securities of the Company or to obtain a copy of the early warning report in respect of this transaction, please contact John Kirincic at (604) 654-2553. A copy of the early warning report will also be available under the Company's profile on SEDAR at www.sedar.com.

About Texada Software Inc. (TSX VENTURE:TXS)

Texada Software Inc. is the premier provider of enterprise software solutions for equipment rental and mobile equipment. Texada's solutions are fully flexible and scalable to meet the unique needs of any sized operation and are backed by proven implementation, services and support.

Texada's market-driven software products combine knowledge and best practices from over 5,000 users worldwide, resulting in solutions that manage the complete asset life-cycle from acquisition through to disposal. The Company's customers enjoy the many benefits of this enhanced efficiency through better asset utilization, effective location tracking, and optimized scheduling.

Texada can be reached at 1-800-361-1233 x-2104 or 1-416-357-1107, or on the internet at www.texadasoftware.com.

This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Texada's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Corporate communications contact:
    Texada Software Inc.
    Jim McInnis
    Chief Financial Officer
    1-800-361-1233 x - 2104