 Powering The On-Demand TV Generation
Press ReleaseEspial Announces Exercise of Over-Allotment Option in IPOJune 15, 2007
Ottawa , Ontario – June 15, 2007 – Espial Group Inc (“Espial”) (TSX – "ESP") announced today that GMP Securities L.P. and Genuity Capital Markets G.P., co-lead underwriters for the Company's initial public offering, have exercised in full their over-allotment option to purchase an additional 535,650 common shares at the initial public offering price of $7.00 per share. The sale of the over-allotment shares to the underwriters was completed today. “The Company is very pleased with the success of the offering and the exercise of the over-allotment option.” said Jaison Dolvane, President and Chief Executive Officer of Espial. “These additional funds will help the Company execute on its growth strategy and strengthen its balance sheet as outlined in the Company's prospectus.” As a result of the exercise of this over-allotment option, Espial received additional net proceeds of approximately $3.5 million and will have raised total net proceeds of approximately $26.9 million from its initial public offering after deducting underwriting fees and offering expenses. Including the sale of the over-allotment shares, a total of 4,106,650 common shares have been offered and sold in the offering. This press release is not an offer to sell or a solicitation of an offer to buy common shares, nor shall there be any sales of the common shares in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The common shares of Espial Group Inc. have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. About Espial Espial provides open, modular, customizable, and carrier-grade IPTV middleware and applications that are deployed with communications and entertainment service providers around the world. Espial's Evo® IPTV Service Platform, which can be purchased as separate components or as part of a pre-integrated client-server solution, includes Evo® Client, Evo® Server, Evo Future-Proof Framework™ (FPF), Evo SkinTones™ and applications such as Electronic Program Guide, Video on Demand, Interactive Content Portal, Games, and Evo Browser. Forward looking statement This press release contains statements that are forward-looking in nature. Statements preceded by the words believe, expect, anticipate, plan, intend, continue, estimate, may, will, and similar expressions are forward-looking statements. Forward-looking statements are based on Espial's beliefs and assumptions based on information available at the time the assumption was made. Forward-looking statements relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, new services, market forces, commitments and technological developments, relating to the Espial. By its nature, such forward-looking information is subject to various risks and uncertainties which could cause Espial's actual results and experience to differ materially from the anticipated results or other expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this document, and Espial undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise . Inquiries from financial press or analysts:
or Inquiries from industry press or analysts: The Toronto Stock Exchange has neither approved nor disapproved |
