Vancouver, BC, April 27, 2005--Versatile Mobile Systems announced the closing of a non-brokered private placement of 5,135,413 Units for gross proceeds of $1,540,625. Three of the officers and directors of Versatile participated in this placement subscribing for 968,749 Units for gross proceeds of $290,625.
As previously announced on April 21, 2005 the private placement is structured as an issuance of units at a price of $0.30 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the subscriber to purchase one common share of Versatile for a period of twenty-four months after the Closing Date at a price of $0.35 per common share. The common shares and warrants will be subject to a four-month hold period. The proceeds will be held in trust pending completion of the acquisition of Perfect Order, Inc. and Perfect Order Manufacturing, Inc.
About Versatile Mobile Systems
Versatile Mobile Systems provides mobile business solutions that enable companies to improve sales, marketing and distribution of their products. By using Versatile Mobile's technology, over 300 companies in the consumer packaged goods and transportation industries have gained the benefits of supply chain visibility, shortened fulfillment cycles and improved customer satisfaction. Versatile's international customer list includes Cadbury Schweppes, Albertsons, Michaels, Nordstrom, Publix Supermarkets, K&L Distributors and Kellogg. Additional information is available at www.versatilemobile.com.
Forward-Looking Statements
This document may contain forward-looking statements relating to Versatile Mobile Systems' operations or to the environment in which it operates, which are based on Versatile Mobile Systems' operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile Mobile Systems' control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward looking statements. Consequently readers should not place any undue reliance on such forward-looking statements. In addition, these forward looking statements relate to the date on which they are made. Versatile Mobile Systems disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
©2005 Versatile Mobile Systems (Canada) Inc. All rights reserved.
Contact:
Versatile Mobile Systems (Canada) Inc.
John Hardy
Chairman and CEO
1-800-262-1633 or from Europe 001 425 778-8577
OR
Versatile Mobile Systems (Canada) Inc.
Fraser Atkinson
CFO
(604) 683-2915, ext. 214
www.versatilemobile.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.