Vigil Health Solutions Inc.
TSX VENTURE : VGL

Vigil Health Solutions Inc.

May 03, 2011 15:03 ET

Vigil Health Solutions Announces Private Placement to Raise Up to $520,000

VICTORIA, BRITISH COLUMBIA--(Marketwire - May 3, 2011) - Vigil Health Solutions Inc. (TSX VENTURE:VGL) ("Vigil") announced today a proposed non-brokered private placement of up to 8,000,000 units of Vigil at a price of $0.065 per unit, for proceeds of up to $520,000. Each unit will consist of one common share and a half warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.10 per share for a period of two years from closing of the private placement.

The private placement is subject to regulatory approval including the approval of the TSX Venture Exchange.

The net proceeds of the private placement are planned to be used to fund further development of Vigil's products, for working capital and for general corporate practices.

Forward Looking Statements

Certain statements in this press release contain forward-looking information within the meaning of applicable securities laws in Canada ("forward-looking information"). The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words.

The forward-looking information in this press release includes, but is not limited to: Vigil's intention to conduct a private placement and the planned use of proceeds from the private placement.

The forecasts and projections that make up the forward-looking information are based on assumptions which include, but are not limited to: Vigil is able to develop its sales force and generate revenue in the current economic climate, Vigil is able to manage the length of the sales cycle, Vigil is able to manage its growth, Vigil is able to recruit and retain staff, fluctuations in demand for current and future products is limited, Vigil is able to develop, manufacture, supply and market existing and new products that meet the needs of customers, volatility in the exchange rate is limited, Vigil is able to secure financing, Vigil is able to secure product liability insurance, the continuous commitment of Vigil's customers, competition does not increase, limited changes in regulation and no changes to third party suppliers on which Vigil relies.

The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. The factors which could cause results to differ from current expectations include, but are not limited to: Vigil's ability to develop its sales force and generate revenue in the current economic climate, the length of the sales cycle, management of the Vigil's growth, ability to recruit and retain staff, fluctuations in demand for current and future products, Vigil's ability to develop, manufacture, supply and market existing and new products that meet the needs of customers, volatility in the exchange rate, ability to secure financing, ability to secure product liability insurance, the continuous commitment of Vigil's customers, increased competition, changes in regulation and reliance on third party suppliers; and, other risks described in Vigil's Management Discussion & Analysis and other continuous disclosure documents.

All forward-looking information in this press release is qualified in its entirety by this cautionary statement and, except as may be required by law, Vigil undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.

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.

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