KidsFutures Inc. Completes IPO.
Pursuant to the IPO, an aggregate of 3,636,400 units of KidsFutures Inc. were issued at a price of $1.10 per unit for aggregate gross proceeds of $4,000,040. Each unit consists of one common share of KidsFutures Inc. and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of KidsFutures Inc. at a price of $1.15 at any time prior to January 7, 2008. The common shares and warrants will commence trading on the TSX Venture Exchange on Wednesday January 11, 2006 under the symbols "FUT" and "FUT.WT". Additional closings may take place until the maximum offering of up to $7 Million has been reached.
The KidsFutures Rewards Program helps families save for their children's university or college education when they purchase a variety of consumer products and services from some of Canada's well-known retailers, companies and brands.
"We are proud of the Company's accomplishments over the last twenty-four months and are excited about expanding the KidsFutures Program with new merchants and service providers in key industries that will enable our members to easily earn meaningful rewards through everyday shopping" said Mark Farrell, Chief Executive Officer. "Completing the IPO process and becoming a publicly listed company is another considerable milestone that the Company has achieved in a relatively short period of time."
KidsFutures Inc., a Toronto-based company, operates the KidsFutures Rewards Program. The KidsFutures Rewards Program helps members earn rewards which can be easily converted to cash and directed into an existing or new education savings plan, such as an RESP, at any financial institution. Members can also purchase a range of financial products (such as mutual funds or GICs) from KidsFutures' subsidiary, KidsFutures Investments Inc.
KidsFutures Rewards that are transferred to an RESP are eligible to be topped up by 20 to 40 per cent through the Federal Government's Canada Education Savings Grant and may also qualify for certain provincial grants such as the Alberta Centennial Bond. The program has in excess of 250,000 members who are offered numerous opportunities to earn KidsFutures Rewards through a coalition of over 60 Program Partners representing over 100 well-known brands. Members can also earn rewards at over 1,400 retail locations participating in the program.
The TSX Venture Exchange has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this release.