THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Vancouver, BC – April 10, 2007 – Further to its news releases of January 29, 2007 and March 15, 2007, Ignition Point Technologies Corp. (TSX-VEN:IPN), a Vancouver-based broadband communications company, announces that it has closed the second and final tranche of a non-brokered unit financing for additional gross proceeds of $500,000. With respect to the second tranche, Ignition Point issued to Trellis Capital Corporation 500 units consisting of $1,000 principal amount 15% secured debentures of Ignition Point and 2,500 non-transferable warrants. Each warrant entitles the holder to acquire one common share in the capital of Ignition Point until March 15, 2009 at a price per share of $0.20. The debentures mature on March 15, 2009 and are secured by a general security interest over all of the assets of Ignition Point.
All securities issued in connection with the second tranche are subject to a four month hold period which expires on August 6, 2007.
On March 15, 2007, Ignition Point announced that it had closed a non-brokered unit financing for gross proceeds of $2 million and issued 2,000 units. Accordingly, the total gross proceeds of the fully subscribed non-brokered unit financing was $2.5 million which will be used for the general corporate purposes of Ignition Point and its subsidiary, TeraSpan Networks Inc, and Ignition Point issued a total of 2,500 units.
The subscriber of the second tranche of the non-brokered unit financing, Trellis Capital Corporation, is a 9.3% shareholder in Ignition Point’s subsidiary TeraSpan Networks Inc. Trellis is a private venture capital fund that provides growth capital to proprietary technology companies.
At Ignition Point’s Annual General Meeting of its shareholders held on March 28, 2007, Sunil Selby was elected a director of Ignition Point. Mr. Selby is the Founder and Managing Partner of Trellis Capital Corporation (since May 2000). Prior to joining Trellis Capital Corporation, Mr. Selby was the Director of the Advanced Technology Fund of Royal Bank Capital Partners, the venture capital subsidiary of Royal Bank of Canada (1989 to 2000).
“We are pleased to have Sunil, an experienced investor, join our board" states Michael Cytrynbaum, Chairman of the Board.â€
About TeraSpan Networks
TeraSpan Networks specializes in reliable, cost effective fiber optic cable deployment for a variety of markets including municipalities, telecom carriers, public utilities, universities, schools and hospitals. TeraSpan’s robust, environmentally friendly Vertical Inlaid Fiber™ (VIF™) technology enables rapid and cost effective delivery of communication infrastructures necessary to support dependable, high-bandwidth services for any application. www.teraspan.com
About Ignition Point
Ignition Point Technologies Corp. (TSX-VEN:IPN), a Vancouver-based broadband technology company, provides unique access and applications solutions to wired and wireless network service providers. Ignition Point subsidiaries include TeraSpan Networks Inc. www.teraspan.com and FatPort Corporation www.fatport.com. For more information, visit www.ignitionpoint.ca.
Press Contact
For more information, contact:
Stephen Majlath, Chief Financial Officer
Ignition Point Technologies Corp.
Phone: 604.633.9090
This release may contain certain forward-looking statements reflecting Ignition Point Technologies’ current expectations in the broadband communications market. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, changes in market and competition, technological developments and potential downturns in economic conditions generally. Additional information on these and other potential factors that could affect the company’s financial results are detailed in documents filed from time to time with the British Columbia Securities Commission.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.