Message #1 From:
Kye Pope Date: February 23, 2005 04:27:51 PM
ADB provides corporate update
Completes financing arrangement; centralizes European operations (TSX: ADY; OTCBB: ADBYF)
TORONTO, Feb. 23 /PRNewswire-FirstCall/ - ADB Systems International (TSX: ADY; OTCBB: ADBYF), a global provider of asset lifecycle management solutions, today provided an activity update on recent operational and customer activities.
The Company announced that it has successfully completed its previously disclosed private placement securing $575,000 (CDN) in funding.
Under the terms of the financing agreement, ADB has issued Pinetree Capital Ltd., and a group of affiliated investors 2.5 million units, each priced at $0.23. Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant will entitle the investors to purchase one common share in the company at the exercise price of $0.40 each. Warrants are exercisable for a period of up to four years.
European Operations Centralized
ADB announced that Aidan Rowsome, vice president responsible for the Ireland and U.K. business unit and an officer of the Company, has resigned to pursue another career opportunity. Jan Pedersen, currently head of the Norway business unit, assumes responsibility for all of ADB's European operations, including the Company's offices in Dublin, Ireland and Birmingham, U.K., effective March 1, 2005.
"By centralizing our European activities, we will be able to more effectively leverage our existing resources, generate meaningful cost savings, and better serve our existing customers, such as the NHS with whom we have a very close working relationship," said Jeff Lymburner, CEO of ADB Systems.
Reporting of Q4 results
ADB also announced that it will report its financial results for the fourth quarter of 2004 on Wednesday, March 23, 2005 after the close of the financial markets. The Company will hold a conference call at 10:00 a.m. (Eastern) the following day, March 24, to discuss its financial results and recent operating activities. Followers of ADB Systems are invited to listen to the call live over the Internet on the Investor Relations section of ADB's website, www.adbsys.com
