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Systech Retail Systems Inc. Quick Quote: SYS 0.03 (Even) OPENFIELD Solutions - Completion of private placement 6/14/04 RALEIGH, NC, Jun 14, 2004 (Canada NewsWire via COMTEX) -- OPENFIELD Solutions (TSX: SYS) today announced that it has completed a private placement of 3,512,725 Class C Convertible Preferred Shares (the "Preferred Shares") and 35,127,255 warrants for gross proceeds of $1,229,454. Each Preferred Share is convertible into common shares of the Corporation at the option of the holder on a 1:10 basis. The Preferred Shares will entitle the holder to receive quarterly cash dividends equal to 5% of the amount paid up per Preferred Share. The holder has agreed to receive common shares in lieu of these cash dividends. These common shares will be automatically declared at the end of each fiscal quarter and be payable following the first business day following the 10th day after the end of each such fiscal quarter. Each warrant entitles the holder to acquire one common share at an exercise price of $0.035 at any time prior to June 11, 2009. The purchasers of the Preferred Shares and warrants are Integrated Partners Limited Partnership One and Park Avenue Equity Partners L.P. who each hold approximately 38.5% of OPENFIELD Solutions' outstanding common shares. About OPENFIELD Solutions: OPENFIELD Solutions is the retail industry's premier independent developer and integrator of retail technology, including software, systems and services throughout North America. Its open architecture solutions enable powerful new technology to be applied in retail environments. The company's significant cross-platform capability and considerable POS application experience allow it to address any in-store systems requirement, regardless of project size or scope. Shares of Systech Retail Systems Corp., d.b.a OPENFIELD Solutions, are traded on the Toronto Stock Exchange under the symbol "SYS". Trademarks: OPENFIELD is a trademark of Systech Retail Systems Corp. All other trademarks are the properties of their respective companies. VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: https://www.newswire.ca/en/releases/orgDisplay.cgi?okey=67849 https://www.newswire.ca/en/releases/orgDisplay.cgi?okey=80314 For further information: For more information contact Richard Adair, OPENFIELD Solutions, at [phone] (ext. 386) or radair(at)srspos.com News release via Canada NewsWire, Toronto 416-863-9350 Copyright (C) 2004 CNW, All rights reserved © 2004 StockHouse.ca | Disclaimer