SAN DIEGO, Aug. 3, 2005 (PRIMEZONE) -- Superclick, Inc. (OTCBB:SPCK), a technology leader in IP infrastructure solutions to the hospitality industry, today announced the successful completion of private placement financing by selected institutional and accredited investors.
"We are pleased that Superclick chose us to be its financial partner as it executes on its organic business plan and integrates its new acquisition," said John M. Fife, Managing Partner of Chicago Venture Partners, LP. "As a private equity investor, we look for portfolio partners that we believe have a sustainable business and growth potential. We hope to continue to be a financial resource to Superclick as further opportunities emerge."
The private placement, led by Chicago Venture Partners, L.P., consists of $2,250,000 in aggregate principal amount of Secured and Unsecured Convertible Debentures, of which $1,750,000 was funded at closing and the balance will be funded within thirty days. Warrants for the purchase of additional shares were also provided to the participating investors. The financing proceeds will be used, in part, to complete the acquisition of HotelNet LLC, a letter of intent for which was announced on July 19, and for other corporate purposes.
Ascendiant Securities LLC, an investment banking firm and registered broker-dealer based in Irvine, California, served as placement agent.
"With the new financial resources available, Superclick is actively working to accelerate the growth of our footprint in the market by pursuing opportunities to enhance our product and service offerings and through selected strategic acquisitions," stated Todd M. Pitcher, Chairman.
This announcement is for information purposes only and should not be regarded as an offer or solicitation to buy or sell any financial instrument. Additional information regarding the private placement will be provided in a Form 8-K filing to be made with the Securities and Exchange Commission.
About Chicago Venture Partners, LP
Chicago Venture Partners, LP (http://www.chicagoventure.com) is a small business investment company licensed by the US Small Business Administration. The Fund purchases private equity and convertible instruments directly from both publicly traded and privately held issuers that it believes will be able to use the funds to grow internally or through acquisitions. The Fund also participates in buyouts and recapitalizations. It is not industry- or sector-specific, but seeks opportunities to invest in suitable companies in a wide range of fields including medical devices, drug development, technology and telecommunications. Chicago Venture Partners has offices in Chicago and Salt Lake City.
About Superclick, Inc.
Superclick, Inc., through its wholly owned, Montreal-based subsidiary, Superclick Networks, Inc., develops, manufactures, markets and supports the Superclick Internet Management System (SIMS(tm)) in worldwide hospitality, multi-tenant unit (MTU) and university markets. Superclick provides hotels, MTU residences and universities with cost-effective Internet access utilizing high-speed DSL, CAT5 wiring, wireless and dial-up modem technologies. Superclick's proprietary technology converts dial-up analog Internet calls to digital access, improves connection speeds, unclogs local trunks, consolidates Internet traffic, supports flexible billing and provides targeted advertising to end-users. Current clients include MTU residences and Candlewood Suites(r), Crowne Plaza(r), Four Points by Sheraton(r), InterContinental Hotels Group PLC, Hilton(r), Holiday Inn(r), Holiday Inn Express(r), Hampton Inn(r), Marriott(r), Novotel(r), Radisson(r), Sheraton(r), Westin(r) and Wyndham(r) hotels in Canada, the Caribbean and the United States. Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements with the terms "believes," "belief," "expects," "intends," "anticipates," "will" or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.