Totally Hip Completes Private Placement of $656,698 CDN.
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 21, 1997-- Totally Hip Software (Alberta Stock Exchange Alberta Stock Exchange
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THW Turnverein Hassee-Winterbek (Kiel, Germany handball team) .) Totally Hip Software Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :THW), an innovative provider of award-winning cross-platform Web animation tools, today announced that it has filed for ASE approval, an interim private placement financing with a new investment group for total proceeds of $656,698 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. . This completed private placement consists of 505,153 common shares priced at $1.30 and 505,153 share purchase warrants priced at $1.50. Each share purchase warrant will expire one year from the closing date of the private placement. The proceeds from this completed private placement are to be used to expand marketing and distribution of the company's popular new WebPainter animation products.
The Company's previously announced proposed financing dated November 21, 1996 was canceled as a result of the original investment group being unable to meet the terms of the agreement in the time period allowed by the Company and the ASE. This allowed the Company to proceed with a new investment group to complete an interim private placement this past week.
The Company also announced that it is continuing financing efforts with this new investment group and will be making application to the ASE to proceed with a further private placement financing. The terms of this proposed second private placement will be announced by Totally Hip Software upon conditional approval by the ASE.
"We are pleased to complete this interim private placement with this new group in such a short time period," says Randall H. McCallum, chairman and 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. , Totally Hip Software. "The recent introduction of WebPainter 1.0 for Windows, combined with the awards, outstanding press reviews, and the growing demand for our new products helped to accelerate the process. This interim financing Interim financing
A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing.
The financing that supports a transaction until permanent financing can be arranged. will allow us to expand our marketing efforts for WebPainter right away, and allow us sufficient time to proceed with a further financing effort with the proceeds to be used for the introduction and marketing of a number of new products in 1997. Funding offers have already been put forward and we expect this financing to be completed in a timely manner."
TOTALLY HIP SOFTWARE INC.:
Founded in January 1995, Totally Hip Software, located in Vancouver, BC, develops and markets award winning multimedia and Web-based software. These products include Object Scenario, a multimedia authoring technology, Sizzler siz·zler
1. One that sizzles.
2. Informal A very hot day. media players, and the WebPainter animation product family for Macintosh and Windows '95/NT, which are all available commercially as well as on a non-exclusive OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and licensing basis. The Object Scenario technology was developed with the assistance of the Province of British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography
through the Technology BC program of the Science Council of British Columbia. Object Scenario can be used to develop new products or customize existing products including multimedia content creation tools, multimedia Web browsing See browse. , Web creation and Web server software, Web entertainment products, as well as multimedia authoring and presentation tools. -0-
Note to Editors: All product names are trademarks or registered trademarks of their respective companies.
The Alberta Stock Exchange has neither approved nor disapproved of the contents of this press release.
CONTACT: Totally Hip Software Inc.
Randall H. McCallum, 604/685-6525
Totally Hip Software Inc.
Shelley Voyer, 604/685-6525