Post by
plt on Jul 31, 2001 10:29am
news release...
Successful Closing of Private Placement
7/31/01
XS TECHNOLOGIES INC ("XST-V") - Successful Closing of Private Placement
XS Technologies Inc. is pleased to announce the successful closing of its previously disclosed private placement. Pursuant to the terms of the non-brokered private placement, XST issued 1,741,145 common shares at an issue price of $0.10 per common share for gross proceeds of $174,114.50. Each common share also includes one full common share purchase warrant entitling the holder to acquire an additional common share exercisable within 24 months from the date of grant for $0.30 per common share. The proceeds will be utilized to assist XST finalize its reorganization and secure the future of XST's MobileTrac wireless fleet and asset tracking systems.
About XS Technologies Inc.
XS Technologies (www. mobiletrac.com) is the proprietary designer of MobileTrac wireless fleet and asset tracking systems. MobileTrac combines GPS technology, mobile security features and uses wireless ground or satellite telecommunications to provision the services. Companies and individuals can locate vehicles and assets with the click of a button through MobileTrac's web tracking solution (www.xsact.com). XSact tracking provides clients with scheduled or on-the-fly location and status reporting without the cost of an in-house tracking system. TEL: (888) 571-8722 Mr. Mike Newson, Interim Manager,