BluePoint Data Storage Completes Private Placement with a 20% Oversubscription.BOCA RATON, Fla. -- BluePoint blue·point also blue point n. A small oyster (Crassotrea virginica) found chiefly in coastal waters of the eastern United States and usually eaten raw. Data Storage, Inc. (Pink Sheets:BLPDF) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BLP BLP Barbados Labour Party BLP Bible Literacy Project BLP Bypass Label Processing (IBM) BLP Buddhist Liberal Party (Cambodia) BLP Bonded Logistics Park BLP Borland Learning Partner ), an established provider of managed storage, availability and data protection services, announced the completion of a Private Placement of 6,000,000 units at CAD$0.10 per share for total net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of CAD$600,000. This represented an oversubscription Oversubscription The excess number of shares or bonds that investors want to buy but are not available due to high demand. of CAD$100,000 or 20% of the initial placement. The transaction was a non-brokered, private placement of 6,000,000 common shares at CAD$0.10 per share. Gross and net proceeds were CAD$600,000. The Company's total issued and outstanding shares after closing were 18,311,704 (18,987,870 fully-diluted). There are no warrants, brokerage or agency fees associated with this transaction and shares are restricted from sale until April 8, 2005. The financing is being used to purchase capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) required to support new customers in late 2004 and early 2005. About BluePoint Data Storage BluePoint delivers managed data protection, availability and recovery solutions that ensure the protection and availability of corporate data and information technology systems while reducing the total cost of ownership. BluePoint manages these systems with unparalleled storage and networking expertise, guarantees high performance and availability, and ensures systems are on par with the current state-of-the-art. Services are supported through a 24/7 service and monitoring center. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This release may contain forward-looking statements that involve risks and uncertainties. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of BluePoint or industry results to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, demographic changes, regulation, major technology changes, timing of product introductions, competition and the ability of BluePoint to attract and retain key employees. As of the date of this release, BluePoint has 18,311,704 common shares issued and outstanding, and 18,987,870 fully-diluted. |
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