Printer Friendly

Totally Hip Completes Private Placement of $656,698 CDN.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 21, 1997-- Totally Hip Software (Alberta Stock Exchange: THW.) Totally Hip Software Inc. (ASE: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. 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, 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

rmccallum@totallyhip.com

or

Totally Hip Software Inc.

Shelley Voyer, 604/685-6525

shelleyv@totallyhip.com
COPYRIGHT 1997 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jan 21, 1997
Words:539
Previous Article:Successful Underground Drill Program Doubles Reserve at Omni's Skukum Creek Deposit.
Next Article:Fourth-quarter '96 Manhattan hotel occupancy rose to record 89.3 percent, Coopers & Lybrand L.L.P. lodging consultants find.
Topics:


Related Articles
Innotech Multimedia Corporation - Financing Completed.
Totally Hip Posts Beta 1 of WebPainter 1.0 For Windows 95/NT For Free Download.
Totally Hip Ships Final Release of Webpainter 1.0 for Windows '95 and NT.
Totally Hip announces WebPainter 1.0 for ActiveX.
Totally Hip Announces New Management Team.
Totally Hip Announces CastPainter 1.0 for Macintosh and Windows; A Complimentary Cel Editing Program to Use With Macromedia's Director 6.0.
Totally Hip Announces Hip Clips; 250 Professional Royalty Free GIF Animations Available On-Line.
Totally Hip Signs Revenue Bundling Agreement With Apple Computer; WebPainter 1.0 is the Animation Program in Apple's Web Page Construction Kit.
Totally Hip Software Files $2 Million Private Placement Application with the ASE.
Totally Hip's WebPainter 2.0 Distributed Through Netscape Software Depot by Software.net Online Software Store.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters