Brainhunter Inc. TSX : BH

December 02, 2008 17:05 ET

Brainhunter Announces Financing Agreement for $38.0 Million

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2008) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION TO CANADIAN INVESTORS ONLY.

Brainhunter Inc. ("Brainhunter" or the "Corporation") (TSX:BH) is pleased to announce the following financing Agreement:

Operating and Term Facilities for $38.0 Million

Brainhunter has signed a financing commitment, subject to due diligence and finalizing documentation, for new Loan Facilities totaling $38.0 million. The Facilities include a Revolving Operating Facility for $28.0 million and a Term Facility for $10.0 million. The Facilities are to be provided from one institutional lender. These Facilities replace the joint venture facility for $30.0 million announced November 6, 2008.

The above financing arrangement is expected to provide the financing to replace part of existing financing facilities, which come due during the month of December, 2008. In addition, discussions are underway with existing convertible note holders to subscribe to a new term facility with warrants.

BUSINESS OVERVIEW

Brainhunter Inc. is publicly traded on the TSX and is a leading global provider of end-to-end HCM Software, Solutions and Services (the "Offerings"). Utilizing ISO 9001/2000 technology, Best Practices and processes, Brainhunter has created Offerings that streamline the recruitment and management of permanent, contract and project based people requirements and provides real time analysis of HR metrics that improves operational decision-making and reduces cost. Software Offerings include - CareerSite, Vendor management, BackOffice, and Applicant Tracking Systems; Solution Offerings include - RPO, Managed Services, Application Development, System Consulting, Migration/Modernizations, Infrastructure projects/support, HireSafe Administration and Payrolling and Outsourced/Managed/Offshore Services; Service Offerings include - permanent recruitment, contract staffing, recruitment teams, operating in an onshore, near-shore or offshore model. Brainhunter has over 250 employees and over 1,800 contract personnel with offices across Canada, a presence in select U.S. jurisdictions and offices in India, China and the U.K., servicing over 2,000 clients.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.