VANCOUVER, B.C., July 24, 2003 (PRIMEZONE) -- Stockgroup Information Systems Inc. (OTCBB:SWEB) (TSX Venture Exchange:SWB) (TSX Venture Exchange:SWB.S), a financial media and technology company, announced today it has closed its short form offering announced on May 7, having raised a total of C$1,384,836. Net proceeds of the entire offering, after agents' commissions, due diligence costs, and legal expenses, were C$1,251,466.
The company issued a total of 3,742,800 units at C$0.37 ($0.27usd) per unit under the terms of a short form offering document of the Company dated April 30, 2003, as filed with and accepted by the TSX Venture Exchange on May 7, 2003, through a group of agents led by First Associates Investments Inc.
Each Unit consists of one common share of Stockgroup and one-half of one non-transferable common share purchase Warrant. Each whole Warrant now entitles the holder thereof to purchase one additional common share of the Company at an exercise price of C$0.75 ($0.54usd) per common share until 12 months from the respective closing date of June 4, 2003 or July 16, 2003.
Since the beginning of the year, Stockgroup has reduced its long-term debt by $1.7 million US dollars and with the completion of this financing underwritten by First Associates raised over $1.0 million US dollars in new equity. The Company currently has less than $250,000 US in debt.
About Stockgroup
Stockgroup Information Systems Inc. is a financial media and technology company. It is a leading provider of private labeled Financial Software and Content Systems to media, corporate and financial services companies. Stockgroup employs proprietary technologies which enable its clients to provide financial data streams and news combined with cutting-edge fundamental, technical, productivity and disclosure tools to their customers, shareholders and employees at a fraction of the cost of traditional internal methods. Stockgroup is also a provider of Public Company Disclosure and Awareness Products for publicly traded companies. Its financial web sites, including www.stockhouse.com, www.stockhouse.ca and www.smallcapcenter.com, are state-of-the-art online research centers for the investment community. To find out more about Stockgroup (OTC BB: SWEB, TSX-V: SWB), visit our website at www.stockgroup.com
/s/ David Gillard Stockgroup Information Systems Inc. David Gillard, Chief Financial Officer 604.331.0995 Contact: Stockgroup Information Systems Inc John Bevilacqua Corporate Communications 1.800.650.1211 ext.180 ir@stockgroup.com
This release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward looking statements." Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "expects", "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur.
This release has neither been approved or disapproved by the TSX