Totally Hip Completes Private Placement of $656,698 CDN.
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, 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 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 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 licensing basis. The Object Scenario technology was developed with the assistance of the Province of British Columbia 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, 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
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|Date:||Jan 21, 1997|
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