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| Cygnal Completes $10.0 Million Private Placement of Special Warrants |
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| Mar 8, 2004 |
Markham, ON, March 8 - Cygnal Technologies Corporation (TSX: CYN), a Canadian leader in providing communication network solutions, announces the completion of its previously announced offering, by way of private placement, of 4,000,000 Special Warrants at a price of Cdn$2.50 per Special Warrant for gross proceeds of Cdn$10,000,000. The syndicate of investment dealers was led by Orion Securities Inc. and included Sprott Securities Inc., First Associates Investments Inc., Loewen Ondaatje McCutcheon Limited and Raymond James Ltd.
The net proceeds from the placement will be used (i) to promote the Corporation's service offerings, including Cygnal Care, (ii) to make select acquisitions, (iii) to reduce the Corporation's debt, and (iv) for general corporate purposes.
About Cygnal
Cygnal Technologies Corporation is a Canadian leader in the design, installation, maintenance and management of wired and wireless communication networks. The Company offers a full range of technologies and solutions for service providers and enterprise customers. Cygnal has expertise in voice, video and data solutions over traditional and next generation converged technologies.
Cygnal Technologies Corporation is headquartered in Markham, Ontario and has approximately 600 employees supporting end-user customers and business through 15 offices across Canada, including Vancouver, Edmonton, Calgary, Winnipeg, London, Burlington, Brampton, Toronto, Sudbury, Ottawa, Montreal, Quebec City and Halifax. Cygnal common shares are listed on the Toronto Stock Exchange under the symbol CYN.
No stock exchange or regulatory authority has approved or disapproved of the information contained herein. Certain information included in this news release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, among other things, the impact of price and product competition, the ability of Cygnal to make acquisitions and/or integrate the operations and technologies of acquired businesses in an effective manner, general industry and market conditions and growth rates, the impact of consolidations in the telecommunications industry and stock market volatility. For additional information with respect to certain of these and other factors, see the reports filed by Cygnal Technologies with applicable Canadian securities administrators. Cygnal Technologies disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The common shares have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements.
For further information, please contact:
David Horsley C.A., C.B.V.
Senior Vice-President & Chief Financial Officer
dhorsley@cygnal.ca
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