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News LAN Completes $1.3 Million Financing

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Thursday January 10, 6:42 pm Eastern Time Press Release SOURCE: Plaintree Systems Inc. Plaintree Completes $1.3 Million Financing OTTAWA, ON, Canada, Jan. 10 /CNW/ - Plaintree Systems Inc. ("Plaintree"), a developer and manufacturer of Free Space Optical communications products, is pleased to announce that it has completed a private placement financing with Targa Group Inc. ("Targa") of 3,911,765 units of Plaintree (each, a "Unit" and collectively, the "Units") at a subscription price of $0.34 per Unit for aggregate gross proceeds of $1,330,000 in Canadian funds (the "Financing"). This completes the financing previously announced by Plaintree on December 21, 2001. The Financing, which was completed in two separate tranches on December 28, 2001 and January 8, 2002, received conditional regulatory approval on December 21, 2001. Each Unit is comprised of one (1) common share of Plaintree (each a "Common Share") and one warrant (each a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.51 per Common Share for a period of three years from the closing date on which the related Warrant was issued. The Financing was completed by Plaintree without the use of an agent and Plaintree has not undertaken to qualify any of the securities being offered pursuant to the Financing. Targa is a principal shareholder of Plaintree and, assuming the issuance of the Common Shares comprising the Units but without taking into account the exercise of any Warrants, currently holds 35,248,260 Common Shares representing approximately 39.18% of the issued and outstanding Common Shares. About Plaintree --------------- Ottawa-based, Plaintree (www.plaintree.com), founded in 1988, develops and manufactures the WAVEBRIDGE series of Free Space Optical (FSO) wireless links using Class 1, eye-safe LED (Light Emitting Diode) technology. The WAVEBRIDGE links provide high-speed network connections in the 'last mile' for ISPs, traditional telcos, GSM or cellular operators, airports and campus networks. Acting as a replacement for cable, fiber or radio frequency systems, these FSO links offer broadband access with no spectrum licensing, no spectrum interference, and same day installation for rapid network deployment. Plaintree is publicly traded in Canada on The Toronto Stock Exchange and in the U.S. on the OTC:Bulletin Board, with 86,059,869 shares currently outstanding. Plaintree maintains a world-wide web site at https://www.plaintree.com. This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company's business, please refer to documents filed by the company with the U.S. Securities and Exchange Commission and Canadian regulatory authorities, including the company's annual information form and Form 20-F for the year ended March 31, 2001 For further information Roxanne Doroszkiewicz, Plaintree Systems Inc., Tel: [phone], E-mail: [e-mail]