SOURCE: Visiphor Corporation

December 17, 2007 08:30 ET

Visiphor Closes $500,000 Private Placement

VANCOUVER, BC--(Marketwire - December 17, 2007) - Visiphor Corporation ("Visiphor") (OTCBB: VISRF) (TSX-V: VIS) (XETRA: IGYA) announces today that it has received TSX-V approval and has closed a Cdn. $500,000 private placement with Quorum Investment Pool Limited Partnership ("QIP") of an 8% convertible secured debenture maturing over a 5 year period. The debenture will be convertible into common shares of the Issuer at the conversion price of Cdn. $0.10 per common share. QIP has agreed to a Cdn. $0.15 conversion price on performance targets mutually agreed upon by Visiphor and QIP. The proceeds will be used for general working capital. Quorum Funding Corporation 1 LP., a related party to QIP, will receive a 3% transaction fee payable in cash.

The securities will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act, except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

This news release shall not constitute an offer to sell or an offer to buy the securities in any jurisdiction.

About Visiphor

Visiphor software products and services deliver practical, rapidly deployable solutions that integrate business processes and databases. The Company's solutions focus on disparate process and data management problems that exist in numerous verticals spanning government, energy, law enforcement, security, health care and financial services. Using industry standard Web Services and Service Oriented Architecture ("SOA"), Visiphor delivers a secure and economical approach to true, real-time application interoperability.

Visiphor is a Microsoft Gold Certified Partner. For information about Visiphor or the Company's products and services, please visit www.visiphor.com.

ON BEHALF OF THE BOARD OF DIRECTORS
"Oliver 'Buck' Revell"
Chairman, Visiphor Corporation

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

Forward-Looking Statements: This press release may contain statements that constitute "forward-looking statements" within the meaning of applicable Canadian and United States securities laws. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include the risks and uncertainties described in Visiphor Corporation's Form 10-KSB filed with the United States Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Investor and Media Inquiries:
    Roy Trivett
    CEO
    Visiphor Corporation
    Phone: 604-684-2449 Ext. 234
    E-mail: Email Contact