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POZ Prosys Tech (Tier2)

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Share Name Share Symbol Market Type
Prosys Tech (Tier2) TSXV:POZ 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 -

Prosys Announces the Abandonment of a Market Segment and of Activities Following a Deterioration of Its Financial Situation, Alo

13/08/2008 11:42pm

Marketwired Canada


Prosys-Tech Corporation ("Prosys" or the "Corporation"), is pleased to announce
a non brokered private placement for a total subscription between CDN$425,000
and CDN$800,000 to several individual investors, for a subscription price of
$0.10 per unit, subject to the approval of the TSX Venture Exchange.
Subscriptions totalling approximately CDN$475,000 shall come from 3 insiders and
directors of the Corporation, Mr. Georges Hebert, Mr. Daniel Hebert and Mr.
Kerrigan Turner. The decision to make such a private placement stems from the
need for the Corporation to promote the development of its projects (CDMS /
PEAK) as well as to meet its short term financial obligations.


Each unit will consist of one common share of the Corporation and one common
share purchase warrant. Each warrant will entitle the holder thereof, during a
period of 24 months from the date of issuance of the warrant, to purchase one
common share at an exercise price of $0.12 per common share. Each common shares
issued will have a mandatory 4 months holding period.


The Corporation also announces that the management of its subsidiary, Prosys-Tec
Computers Inc., (the "Subsidiary"), has chosen to abandon the white box assembly
business. Together with representatives of its main lending financial
institution, the management of the Subsidiary has chosen to act following the
deterioration of its financial position and market circumstances in which the
Subsidiary operates. This decision is part of the previously announced
restructuring process. All alternatives are currently under study in order to
obtain the maximum value for its assets for its sole shareholder, the
Corporation. Moreover, the Subsidiary has negotiated and has made contractual
arrangements with its main creditors in order to ensure that the abandonment of
the white box assembly business takes place in the best interest of creditors
and of the sole shareholder. Also, Prosys' IT services division shall continue
to provide repair and parts replacement services to the Subsidiary's customers.


About Prosys

Prosys is a distributor of information technology products having offices in
Montreal, Quebec and Ottawa. Prosys maintains its participation in CDMS Inc and
Peak Positioning Inc. Through CDMS, Prosys also offers a wide range of products,
including a 24/7 multilingual technical service desk, network operations and
monitoring, managed services, IT consulting and a host of value add hardware
solutions. The Corporation currently holds 37% of Peak's issued shares and has
an option to increase its participation in Peak to 50.1%. The investment in Peak
is in the scope of the Corporation's steps to diversify the global offer of
services to its current customers and to improve Prosys' positioning for the
development of the SMB market. For more information regarding CDMS and Peak,
please visit www.cdmsfirst.com and www.peakpositioning.com.


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