News

Info Touch closes private placement of $800,000

April 14, 2004

BURNABY, B.C. --Info Touch Technologies(CDNX: IFT) announced the brokered private placement with Canaccord Capital previously announced for up to 1.3 million units was closed for 730,000 units at $1.10 per unit for gross proceeds of $803,000.

"I'm very pleased with the outcome of this financing, in light of the current market conditions," said Hamed Shahbazi, Info Touch CEO and chairman. "In step with the company's business objectives, we are very committed to reducing our internal cost structure and accelerate our path to profitability."

Info Touch will use the proceeds to continue its rapid market penetration strategy to increase top-line revenue growth and market share. This strategy includes the co-capitalization of kiosk networks with strategic partners to share in recurring revenue streams from e-Commerce initiatives. In a recent study the kiosk co-venture with Chapters Inc. (TSE:CHP) bookstores was cited by industry observers as one of the most successful integrations of retailing and e-tailing in North America.

[Editor's note: Info Touch Technologies became Tio Networks in April 2006.]