TSXV: GPS
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Feb. 11, 2013 /CNW/ - BSM Technologies Inc. ("BSM" or the
"Company") (TSX-V: GPS), a leading provider of remote monitoring, fleet management, fleet diagnostics and automated vehicle security systems, today
announced a fully marketed prospectus offering of common shares
("Common Shares") through a syndicate of agents led by Paradigm Capital
Inc. (the "Lead Agent"), and including MGI Securities Inc. and Loewen,
Ondaatje, McCutcheon Ltd. (collectively with the Lead Agent, the
"Agents"), along with PowerOne Capital Markets Limited as a member of
the selling group with respect to the offering. The Agents will raise
up to $7,500,000 on a best efforts basis (the "Offering"). The Offering
will be comprised of Common Shares to be priced in the context of the
market (the "Offering Price"). The Agents will also have the option to
increase the size of the Offering by an additional 15% at any time up
to 30 days following the closing date.
The net proceeds from the Offering are expected to be used by the
Company for business expansion, research and development, sales and
marketing, product expansion and general working capital purposes.
The offering is scheduled to close on or about February 28, 2013 and is
subject to certain conditions including, but not limited to, completion
of satisfactory due diligence investigations and receipt of all
necessary regulatory approvals, including the approval of the TSX
Venture Exchange.
The securities being offered have not been, and will not be, registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") and may not be offered or sold in the United States or
to, or for the benefit of, U.S. persons (as defined in Regulation S
under the U.S. Securities Act) absent U.S. registration or an
applicable exemption from the U.S. registration requirements. This
release does not constitute an offer for sale of securities in the
United States.
About BSM Technologies (bsmwireless.com)
BSM Technologies, through its subsidiary BSM Wireless Inc., is a leading
provider of remote monitoring, fleet tracking, fleet maintenance, and business intelligent engine providing real time, web-based
tracking of mobile and fixed assets. BSM provides solutions for
commercial, government, and law enforcement organizations who manage
and operate diverse assets and large fleets, and who seek to enhance
customer service, improve the safety of their drivers and vehicles, and lower business costs.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
For more information, please visit http://www.bsmwireless.com
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward looking information. Such
forward-looking information is often, but not always, identified by the
use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect" and "intend" and statements that an event or
result "may", "will", "should", "could", or "might" occur or to be
achieved and any other similar expressions. In particular, this news
release contains forward-looking statements in respect of the use of
the net proceeds from the Offering and the completion and timing of the
Offering. These forward-looking statements, and any assumptions upon
which they are based, are made in good faith and reflect our current
judgment regarding the direction of our business. Management believes
that these assumptions are reasonable. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that could cause actual results to differ materially from those
contained in the forward-looking information. Some of these risks,
uncertainties and other factors are described under the heading "Risks
Factors" in the Company's annual information form available on
www.sedar.com. Forward-looking information is based on estimates and
opinions of management at the date the statements are made. Except as
required by law, BSM does not undertake any obligation to update
forward-looking information even if circumstances or management's
estimates or opinions should change. Readers should not place under
reliance on forward-looking information.
SOURCE: BSM Technologies Inc.
