Versatile Systems Inc.

Versatile Systems Inc.

April 16, 2007 03:01 ET

Versatile Admitted for Trading on AIM Under the Symbol VVS

Versatile completes private placement financing of CDN $4.8 million

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 16, 2007) - Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS) has been admitted for trading on the Alternative Investment Market (AIM) of the London Stock Exchange. Versatile will trade under the Symbol of VVS and will join an elite group of approximately 80 companies from Canada and the United States that trade on AIM.

Versatile also completed a private placement consisting of 7,241,380 common shares at CDN $0.6636 (29 pence) per common share for gross proceeds of CDN $4,805,640. The private placement is being arranged by NCB Stockbrokers Limited who will receive 583,770 warrants in addition to a commission of 4%. Each warrant will entitle NCB to purchase one common share for CDN $0.6636 per share for a period of four years but not until 18 months from the date of the closing of the private placement. The common shares and warrants will be subject to a four-month hold period. The net proceeds received by the Company will be used for general corporate purposes.

About AIM

Since its launch in 1995, over 2,500 companies have joined AIM - raising more than Pounds Sterling 34billion in the process, both through initial public offerings and further capital raisings. Many companies have made the transition to the Exchange's Main Market following their success and positive experience on AIM.

About NCB

NCB Stockbrokers Limited is a leading independent securities firm based in the City of London and Dublin and has been a provider of institutional equities, wealth management and corporate finance services to its clients for over 25 years. NCB is a member of the Irish Stock Exchange and the London Stock Exchange and is also a member of the European Securities Network ("ESN").

About Versatile

Versatile provides business solutions that enable companies to improve sales, marketing and distribution of their products. Versatile also provides information technology services for the implementation, maintenance and security of mission-critical computer environments. Versatile has the ability to architect solutions involving both proprietary and third party components. For more information:

Forward-Looking Statements

This document may contain forward-looking statements relating to Versatile's operations or to the environment in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile's control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

(C) 2007 Versatile Systems Inc. All rights reserved.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Versatile Systems Inc.
    John Hardy
    Chairman and CEO
    1-800-262-1633 or International: 001-206-979-6760
    Versatile Systems Inc.
    Fraser Atkinson