VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2012) - Epic Data International Inc. (TSX VENTURE:EKD) (the "Company"), a provider of manufacturing execution systems ("MES"), today announced that it has increased the size of its previously announced non-brokered private placement (the "Private Placement"). The Company now intends to issue 3,750,000 common shares at a price of $0.20 per share for gross proceeds of $750,000 and secured subordinated convertible redeemable debentures (the "Debentures") in the principal amount of $1,650,000, which are convertible into common shares of the Company at $0.20 per share, for aggregate proceeds of $2,400,000.
Pursuant to the Private Placement, Vancouver Cendar Development Ltd. ("Cendar") has agreed to subscribe for Debentures in the principal amount of $850,000. On completion of the Private Placement, Cendar, together with North-America Vanstar Investments Ltd. ("Vanstar"), will own approximately 11.9% of the shares of the Company on an undiluted basis and approximately 22.5% assuming conversion of the full amount of the Debentures. Zheng Jiang, a director of the Company, is a shareholder of both Cendar and Vanstar. As the Private Placement will result in Cendar becoming a new control person of the Company (holding more than 20% of the issued and outstanding shares), the Company is required under the rules of the TSX Venture Exchange to obtain shareholder approval to the transaction. In this regard, the Company will seek shareholder approval in connection with Cendar's subscription for its Debentures pursuant to the Private Placement at its next annual general meeting. Pursuant to its Debenture certificate, Cendar has agreed that, subject to the Company obtaining shareholder approval, it shall not convert any portion of its Debentures if such conversion will result in Cendar becoming a new control person of the Company.
Further the Company announces that Alan Foster, Executive VP of Products & Services, is no longer with the Company. Grant Huang, CTO, will now lead the architecture and product management groups, and Johnny Kam, Director of Development, will oversee all product development teams in the Richmond, BC and Wuhan, China development centres.
About Epic Data
Epic Data International Inc. is a provider of manufacturing execution and warehouse management solutions. For 36 years Epic Data has delivered real-time data collection and production information to discrete manufacturers through turnkey data collection, warehouse management and lean manufacturing operations management solutions. Defense contractors, aerospace, automotive, high technology and industrial equipment & machinery manufacturers, employ Epic Data solutions to optimize the ROI of their manufacturing IT infrastructure investments and operations by increasing plant productivity, materials visibility and production velocity. Customers include Hawker Beechcraft, Lockheed Martin, Bell Helicopter, Komatsu, Bombardier Learjet, CAE Inc., Kingfisher (B&Q) plc, Joy Mining Machinery, Cobham Defence Communications Ltd., GE Aircraft Engine, Contour Premium Aircraft Seating, McBride plc, Phoenix Contact, Rolls-Royce and Volvo.
For more information about Epic Data please visit our website at www.epicdata.com or www.epicdatachina.com.
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