DataWave Systems Inc. Announces Financing.VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 1, 1999-- DataWave Systems Inc.(CDNX CDNX See Canadian Venture Exchange (CDNX). :DTV (Digital TeleVision) Transmitting TV using digital signals. The major DTV standards are ATSC (North America), DVB (Europe) and ISDB (Japan). All three use MPEG-2 video compression and Dolby Digital audio compression. DVB and ISDB also include MPEG audio compression. .) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DWVSF) ("DataWave") announced today that it has entered into an agreement with Internet Twenty-First Century Limited of Nassau, Bahamas For other uses of "Nassau", see Nassau (disambiguation). Nassau is the capital city and commercial center of the Commonwealth of the Bahamas. The city has a population of 210,832 (2000 census), nearly 70 percent of the entire population of the Bahamas (303,611). for a private placement of 3,000,000 units, at a price of US$0.35 (plus/minus CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $0.52) per unit, for total proceeds of US$1,050,000.00 Each unit will consist of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder to acquire one common share for a period of 2 years, at a price of US$0.40 per share. The units comprising the shares, and any shares issued on the exercise of the warrants included in the units during the first year of their term will have a hold period expiring one year from the date of this news release. The proceeds of this private placement will be used for working capital and to further develop the DataWave System. This agreement has been entered into subject to regulatory approval. DataWave designs, develops, produces, owns and manages a proprietary, intelligent, automated direct-merchandising network known as the DataWave System. The Company uses the DataWave System to distribute prepaid calling cards. The DataWave System is comprised of DataWave Telecard Merchandisers (DTMs), which are free-standing intelligent machines capable of dispensing multiple prepaid products, and over-the-counter "swipe" units (OTCs) for point-of-sale prepaid retailing. Both DTMs and OTCs are connected to the Company's proprietary server and database software through a wireless and/or land line wide area network. On Behalf of the Board of Directors DataWave Systems Inc. Josh Emanuel, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. |
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