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EKD Epic Data International Inc.

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Share Name Share Symbol Market Type
Epic Data International Inc. TSXV:EKD TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Epic Data Announces Increase in Size of Non-Brokered Financing

16/08/2012 12:16am

Marketwired Canada


Epic Data International Inc. (TSX VENTURE:EKD) (the "Company"), a provider of
manufacturing execution systems ("MES"), today announced that it has increased
the size of its previously announced non-brokered private placement (the
"Private Placement"). The Company now intends to issue 3,750,000 common shares
at a price of $0.20 per share for gross proceeds of $750,000 and secured
subordinated convertible redeemable debentures (the "Debentures") in the
principal amount of $1,650,000, which are convertible into common shares of the
Company at $0.20 per share, for aggregate proceeds of $2,400,000. 


Pursuant to the Private Placement, Vancouver Cendar Development Ltd. ("Cendar")
has agreed to subscribe for Debentures in the principal amount of $850,000. On
completion of the Private Placement, Cendar, together with North-America Vanstar
Investments Ltd. ("Vanstar"), will own approximately 11.9% of the shares of the
Company on an undiluted basis and approximately 22.5% assuming conversion of the
full amount of the Debentures. Zheng Jiang, a director of the Company, is a
shareholder of both Cendar and Vanstar. As the Private Placement will result in
Cendar becoming a new control person of the Company (holding more than 20% of
the issued and outstanding shares), the Company is required under the rules of
the TSX Venture Exchange to obtain shareholder approval to the transaction. In
this regard, the Company will seek shareholder approval in connection with
Cendar's subscription for its Debentures pursuant to the Private Placement at
its next annual general meeting. Pursuant to its Debenture certificate, Cendar
has agreed that, subject to the Company obtaining shareholder approval, it shall
not convert any portion of its Debentures if such conversion will result in
Cendar becoming a new control person of the Company.


Further the Company announces that Alan Foster, Executive VP of Products &
Services, is no longer with the Company. Grant Huang, CTO, will now lead the
architecture and product management groups, and Johnny Kam, Director of
Development, will oversee all product development teams in the Richmond, BC and
Wuhan, China development centres.


About Epic Data

Epic Data International Inc. is a provider of manufacturing execution and
warehouse management solutions. For 36 years Epic Data has delivered real-time
data collection and production information to discrete manufacturers through
turnkey data collection, warehouse management and lean manufacturing operations
management solutions. Defense contractors, aerospace, automotive, high
technology and industrial equipment & machinery manufacturers, employ Epic Data
solutions to optimize the ROI of their manufacturing IT infrastructure
investments and operations by increasing plant productivity, materials
visibility and production velocity. Customers include Hawker Beechcraft,
Lockheed Martin, Bell Helicopter, Komatsu, Bombardier Learjet, CAE Inc.,
Kingfisher (B&Q) plc, Joy Mining Machinery, Cobham Defence Communications Ltd.,
GE Aircraft Engine, Contour Premium Aircraft Seating, McBride plc, Phoenix
Contact, Rolls-Royce and Volvo. 


For more information about Epic Data please visit our website at
www.epicdata.com or www.epicdatachina.com.


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1 Year Epic Data International Inc. Chart

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