FinancialCAD Announces Private Placement of $3.85 -$C- Million in Common Shares.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 19, 2001 FinancialCAD Corporation, a leading provider of online financial application services See ASP and Web services. , today announced that the Company has finalized the terms of a private placement of Common Shares in the Company totaling some $3,850,000 Canadian ($2.45 million USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ). The investors in this round of financing include private and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . Previous investors in the Company include Nichimen Corporation and TechMatrix Corporation of Japan in addition to various angel investors An individual who invests his or her own money in a private company, which is typically a startup. An angel investor is not an employee or member of a bank, venture capital firm or other financial institution that normally makes such investments. . The Company was advised by Thomson Kernaghan & Co. Limited in connection with the financing. "We are very pleased to have negotiated this financing, particularly given the difficult capital market environment at present," commented David Glassco, Chairman and Chief Executive Officer. "This is a strong vote of confidence in the products and direction of the Company and its dedicated group of employees. It allows us to escalate the sales and marketing effort associated with the new Fincad.net product suite which is seeing rapid market acceptance both in our existing customer base and with new customers." Fincad.net is the Company's latest web application development and delivery platform based on the Microsoft .NET See .NET. framework. It offers a unique and rapid approach to developing financial applications based on the latest web services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. technology. The proceeds of the offering will be used for general working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . About Financial CAD For more than 2,700 companies in over 60 countries, FinancialCAD software and online applications offer accurate, independent and comprehensive financial instrument valuation and risk management solutions at unrivalled value. Clients include 140 Fortune 500 companies, 450 banks, over 200 investment management firms, 50 insurance companies and more than 1800 other companies. For more information: www.fincad.com. Copyright(c) 2001 FinancialCAD Corporation. All rights reserved. FinancialCAD(R), and Fincad(R) are registered trademarks of FinancialCAD Corporation. Other trademarks are the property of their respective holders. This release is for informational purposes only. FinancialCAD makes no warranties, expressed or implied, in this summary. |
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