Copernic Inc. Announces a Private Placement of 500,000 Common Shares
12 Novembre 2009 - 10:15PM
Marketwired
Copernic Inc., ("Copernic" or the "Company") (NASDAQ: CNIC) a
leading software development company specializing in internet,
desktop and mobile search products is pleased to announce that it
has entered into an equity private placement agreement pursuant to
which Mr. John G. Simmonds, and a group of accredited private
investors led by Mr. Simmonds, have agreed to acquire five hundred
thousand (500,000) Copernic restricted common shares from treasury.
The Company has agreed to issue the new securities at US$4.00 per
share for a total purchase price of US$2,000,000.00. The purchase
price will be paid in cash at closing and the parties have agreed
that closing will occur on or before December 14, 2009. Cash
proceeds of the private placement will be utilized to finance a
growth strategy comprised of acquisitions and organic growth.
The agreement also provides that the Board be reduced to five
Directors and that John Simmonds be appointed a Director and
Chairman of the Board with the right to name another Director. In
order to fulfill this condition, Messrs Goldman, Kramer and
Schwartz have agreed to resign as Directors and their agreements to
resign are not the result of a disagreement with the Company on any
matter relating to the Company's operations, policies or
practices.
Mr. Simmonds, 59 is a well-known entrepreneur and investor
residing in Toronto, Canada. Mr. Simmonds began his career with
A.C. Simmonds & Sons Limited, a company founded by his
grandfather in 1918. In 1979 Mr. Simmonds developed the Midland
brand and then sold it to Glenayre Electronics in 1987. During
1988, Mr. Simmonds operated Glenayre Electronics and a year later
sold two thirds of the company in 1989 at a value of over $100M. In
December 1989, Mr. Simmonds acquired Cherry Downs Golf Course which
was later sold into a Public Shell and became Clublink Corporation
which today is the largest golf course operation in Canada. In
1993, Mr. Simmonds acquired Midland USA for $8.3M in cash which was
sold to Intek and then to Securicor Communications in 1996 at a
value of over $250M. In 2003, Mr. Simmonds acquired Wireless Age
Communications, a Company with retail outlets in Western Canada.
Concurrent with the acquisition, Mr. Simmonds was appointed
Chairman and CEO. During his career, Mr. Simmonds has served as
Chairman and Director of numerous public companies and has had
extensive experience in building teams and operating companies.
Furthermore, Jean-Rock Fournier, Chief Financial Officer assumes
the responsibility for the operations of the Company as Executive
Vice President and CFO.
Mr. Ferland, President and CEO of Copernic stated:"I have known
John Simmonds and the Simmonds family for a number of years and
look forward to working with John to create long term shareholder
value. These changes both at the board level and in operations will
allow us to focus on new strategic directions for the Company. Our
departing board members have served the Company and its
shareholders meritoriously through many difficult situations. I
personally wish to express my thanks and that of the Company for
their valued service".
About Copernic Inc.
Copernic Inc. specializes in developing, marketing and selling
cutting-edge search technology, providing innovative home and
business software products and solutions for desktop, web and
mobile users, through its online properties, including
www.mycopernic.com and www.copernic.com. With its award winning
Copernic Desktop Search® software search engine product, the
Company brings the power of a sophisticated, yet easy-to-use search
engine to the user's PC.
More information can be found at www.copernic.com.
Statements contained in this press release, which are not
historical facts, are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and
uncertainties that can cause actual results to differ materially
from estimated results. Such risks and uncertainties are detailed
in the Company's filings with the Securities and Exchange
Commission and the Ontario Securities Commission. The Company
expressly disclaims and intent or obligation to update any
description of the scope, focus or subject matter of the statements
in this press release.
Contacts: Copernic Inc. Marc Ferland President and Chief
Executive Officer Toll Free: 877-289-4682 #1013 / Local:
418-527-0528 #1013 mferland@copernic.com www.copernic.com
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