Versatile Mobile Systems (Canada) Inc.

Versatile Mobile Systems (Canada) Inc.

August 10, 2005 14:08 ET

Versatile Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2005) - Versatile Mobile Systems (Canada) Inc. (TSX VENTURE:VMS) ("Versatile") announces the closing of a non-brokered private placement of 1,646,000 Units for gross proceeds of $411,500. Robert Joyce - President acquired 1,000,000 Units for gross proceeds of $250,000 and Oliver Poppenberg - Executive Vice-President of Sales and Ian Jobson - Executive Vice-President of Professional Services and Solutions also participated in this placement.

As previously announced on August 3, 2005 the private placement is structured as an issuance of units at a price of $0.25 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the subscriber to purchase one common share of Versatile for a period of twenty-four months after the Closing Date at a price of $0.30 per common share. The common shares and warrants will be subject to a four-month hold period. The proceeds will be used for general corporate purposes.

About Versatile

Versatile provides mobile business solutions that enable companies to improve sales, marketing and distribution of their products. By using Versatile's technology, companies in the consumer packaged goods, and transportation industries have gained the benefits of supply chain visibility, shortened fulfillment cycles and improved customer satisfaction. Versatile's international customer list includes Cadbury Schweppes, Albertsons, Michaels, Nordstrom, K&L Distributors, and Kellogg. Versatile's Perfect Order division provides information technology services for the implementation, maintenance and security of mission-critical computing environments. Perfect Order has the ability to architect solutions involving both proprietary and third party components. Customers include Motorola, Tyco (AMP), Comcast, Adelphia Communications, Time Warner(AOL), Mellon Financial, Astra Zeneca, and Bristol Meyers Squibb. Additional information is available at

Forward-Looking Statements

This document may contain forward-looking statements relating to Versatile Mobile Systems' operations or to the environment in which it operates, which are based on Versatile Mobile Systems' 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 Mobile Systems' 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 Mobile Systems 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)2005 Versatile Mobile Systems (Canada) 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 Mobile Systems (Canada) Inc.
    John Hardy
    Chairman and CEO
    1-800-262-1633 or from Europe 001 425 778-8577
    Versatile Mobile Systems (Canada) Inc.
    Fraser Atkinson
    (604) 683-2915 ext. 214