Business
IP Applications Corp. Announces Share Cross
IP Applications Corp. Announces Share Cross.
About this update from Santa Rosa Resources Corp.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Oct. 19 /CNW/ - IP Applications Corporation (TSX-V: IPX)\nannounces that, further to the Company's press release earlier today, the\nCompany has been advised that Pender Growth Fund (VCC) Inc. and Pender\nFinancial Group Corporation have completed a sale of 5,590,300 shares of the\nCompany at $0.15 per share through the facilities of the TSX Venture Exchange.\nThe net proceeds from this sale will be used to fund Pender Growth Fund (VCC)\nInc.'s and Pender Financial Group Corporation's respective portions of the\npreviously announced private placement of up to $1,200,000.\n\n\nJohn Jacobson, President and CEO said "With the new opportunities we're\nseeing and the new contracts we're winning in the rapidly expanding Software\nas a Service (SaaS) market, IP Applications needs capital to grow. This share\nsale funds a significant part of the private placement that provides the\ngrowth capital we need.\n\n\nThe overall transaction, including the private placement and the\nsettlement of the company's debt, simplifies the balance sheet and removes the\ndebt burden on operations. I'd like to express our appreciation to the\nCompany's shareholders and our lenders, Pender Growth Fund (VCC) Inc. and\nPender Financial Group Corporation, for their continuing support during the\nrestructuring process."\n\n\nKelly Edmison, Chairman of the Company, CEO of Pender Financial Group and\nChairman of Pender Growth Fund said "This concludes the realignment and\nreorganization of IP Applications that began several years ago. Since the\nbeginning of 2005, under John's leadership, the Company has cut costs and\nfocused on its customers, changing the product mix to higher margin business.\nIP Applications has developed new products in response to customer needs and\nhas developed key relationships to the point where they are an integral part\nof its customers' business processes.\n\n\nNotwithstanding the dramatic increase in the value of the Canadian\ndollar, the Company's financial performance has improved markedly, so that it\nis now approaching profitability.\n\n\nWith all the opportunities presenting themselves and the proven sales and\nproduct delivery model we expect great progress in 2008 and beyond. As a\nproven recurring revenue model company, we expect the company valuation to\nimprove as the capital markets beg...