EmerGeo Secures a $1 Million Financing
Vancouver, B.C. - October 30, 2009 – EmerGeo Solutions Worldwide Inc. (TSX-V: EMG), a global leader in emergency management software development and consulting services is pleased to announce that it has arranged a $1 million debt financing with GrowthWorks’ Working Opportunity Fund (EVVC) Ltd. The loan transaction is expected to complete on November 3, 2009. The loan will be used to accelerate the Company’s international expansion with investment in sales and marketing, software development and support services. As additional consideration for the loan, the Company has agreed, subject to Exchange acceptance, to issue 400,000 share purchase warrants to the lender. Each share purchase warrant will entitle the lender to acquire a common share of the Company for a period of three years.
GrowthWorks has established itself as one of Canada’s leading retail venture capital managers with combined assets under management of approximately $1 billion. GrowthWorks identifies, analyzes, and structures investments in companies with high growth potential. GrowthWorks is currently the largest retail venture capital investor in Canadian “green technology” companies, and one of the largest managers of retail venture capital funds in Canada.
EmerGeo develops emergency management software solutions and provides consulting services and support to government and industry around the world. EmerGeo’s Fusionpoint™ and emergency mapping applications are used to log, track and communicate critical information required by emergency and security personnel. By leveraging open web standards, EmerGeo’s software brings together data from dispatch, crisis management, mapping, camera and other third-party systems, providing a common operating picture. EmerGeo’s technology and people have been at the forefront of some of the world’s largest disasters and are proven effective in helping government and industry to mitigate against, prepare for, respond to and recover from potential or actual incidents, natural disasters, acts of terrorism, or pre-planned events.
On behalf of the Board of Directors,
EMERGEO SOLUTIONS WORLDWIDE INC.
President & CEO
For more information contact the Company at:
Telephone: (604) 604-681-0989
Facsimile: (604) 604-681-0079
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. We seek Safe Harbor.
“Protecting People, Property & the Environment“