Texada Software Inc.

Texada Software Inc.

March 24, 2005 13:21 ET

Texada Software Inc. Announces New CEO, Proposed Private Placement and Grant of Options


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TEXADA SOFTWARE INC.

TSX VENTURE SYMBOL: TXS

MARCH 24, 2005 - 13:21 ET

Texada Software Inc. Announces New CEO, Proposed
Private Placement and Grant of Options

GUELPH, ONTARIO--(CCNMatthews - March 24, 2005) - Texada Software (TSX
VENTURE:TXS) is pleased to announce that it has appointed Don Whitbeck
as President and CEO. Whitbeck takes over for William Swisher, Chairman
of Texada, who was serving as President and CEO while the search for a
replacement was completed. Whitbeck has agreed to purchase 1,000,000
units of Texada under a private placement.

Whitbeck brings over 25 years of software industry experience including
global sales, marketing, operations and general management. He was
previously CEO at Veredex Logistics and prior to that, at EveryWare
Development. His education includes a bachelor of engineering from
McMaster University and an M.B.A. in finance and marketing from the
Rotman School of Business.

"After a careful and complete search, we are pleased to welcome Don
Whitbeck as President, CEO and our newest shareholder" said Willie
Swisher, Chairman. "Our ability to attract key people says a lot about
the strength of our company and the attractiveness of our segment,"
added Swisher.

Proposed Private Placement

Texada has agreed to issue to Whitbeck 1,000,000 units at a price of
$0.06 per unit for gross proceeds of $60,000. Each unit will consist of
one common share and one-half of one share purchase warrant. Each whole
warrant will be exercisable to purchase one common share at price of
$0.10 for a period of two years from the date of issue. The net proceeds
from the placement will be applied to working capital. The placement is
subject to regulatory approval and is expected to close in early April.
All securities will be subject to a hold period of four months from
closing.

Grant of Options

Texada has also agreed to grant to Whitbeck options to purchase up to
600,000 common shares of Texada, pursuant to Texada's stock option plan.
The options are exercisable at a price of $0.10 per share for a period
of five years from the date of issue.

About Texada Software

Texada provides complete Enterprise Asset Management Software to the
Equipment rental industry. Over 400 customers worldwide, including Volvo
Rents and Stephenson's Rental Services use Texada software to manage
almost all aspects of their equipment rental business. For more
information, visit www.texadasoftware.com.

(Signed)

William D. Swisher

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Texada Software Inc.
    William D. Swisher
    Corporate Communications
    (519) 836-7073 Ext. 358
    (905) 507-1485 (FAX)
    www.texadasoftware.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news
    release.