Verb Exchange Inc. $1,500,000 financing to be at $0.10
For Immediate Release:
Verb Exchange Inc. $1,500,000 financing to be
at $0.10
Announcement Highlights
- Non-brokered private placement amended to 15,000,000 units at $0.10 per unit.
- Gross proceeds of $1,500,000.
- Magna Partners Ltd. secures subscriptions from institutional investors.
Vancouver, BC, Canada – September 26, 2008 – Verb Exchange, Inc. (TSX:V‐VEI) announces that it has amended the terms of the non-brokered private placement previously announced on September 5, 2008. Under the new terms, the Company is completing a non-brokered private placement of 15,000,000 units at a price of $0.10 per unit for total gross proceeds of $1,500,000. Toronto based Magna Partners Ltd. has assisted in securing participation in this offering from qualified institutional investors.
Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.15 per share for a period of 18 months, provided that the exercise period may be reduced to 30 days if the shares trade at $0.25 or greater for 10 consecutive days in the exercise period. All securities will be subject to a four month hold period.
Certain directors, officers and shareholders of the Company have also arranged the sale of certain shares of Verb through the facilities of the TSX Venture Exchange. The net proceeds from these transactions are being used to fund a portion of the private placement financing.
For more information please visit: www.tabrio.com, or from your mobile device, hit ‘browse’ on your cell phone and enter: m.tabrio.com to make calls or send text messages globally.
About Tabrio
Tabrio is a personal communications service developed by Tabrio Communications, Inc. a wholly‐owned subsidiary of Verb Exchange, Inc. Tabrio provides global users with low cost, crystal clear long distance calling, two‐way text messaging and easy contact management. Tabrio runs on existing equipment, and does not require a special phone or headset. Every user receives a $5 US credit following account creation, and pays only for the minutes they use. For advertisers, proprietary advertising and analytics technologies ensure precisely targeted campaigns to Tabrio users based on detailed geographic, demographic and psychographic profiles. For more information and to download Tabrio visit on and to download Tabrio visit www.tabrio.com.
About Verb Exchange
Verb Exchange (TSX‐V:VEI) is defining the next generation of mobile and online communications for consumers and advertisers. A leading digital media company, Verb Exchange delivers international connectivity with its telecom‐grade carrier services, and is revolutionizing global communication with the introduction of Tabrio, a personal communication service for low cost, high quality long distance voice calling and text messaging. Proprietary advertising and analytics platform ensures precisely targeted campaigns to Tabrio users based on detailed geographic, demographic and psychographic profiles.
In 2007, Verb Exchange was recognized as Canada's #1 technology company by Backbone Magazine, and by BIV Magazine as first on its list of Top 100 Fastest Growing Companies in BC. For more information, see www.verbx.com.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward‐looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
Investor Relations Contact
Arlen Hansen
+1 866.568.9528
arlen@kincommunications.com
Media Relations Contact
Christopher I. Bennett
Manager, PR and Corporate Communications
Verb Exchange, Inc.
+1 866.824.2273
christopher@verbx.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.