Victoria, BC, June 15, 2007 – Municipal Solutions Group (TSX-V:MSZ) announces that it intends, subject to receipt of all necessary regulatory approvals, to complete a non-brokered private placement to raise between $750,000 and $1,000,000 through the issuance of up to 2,941,177 units at a price of $0.34 per unit.
Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire an additional common share of Municipal Solutions Group at the price of $0.50 for a period of two years after closing. Municipal Solutions Group intends to use the net proceeds from the financing for working capital and other general corporate purposes.
Pender Growth Fund (VCC) Inc. (“Pender”) and other insiders of Municipal Solutions Group are expected to participate in this financing. Pender’s participation in the financing will include the conversion of approximately $300,000 in debt previously provided by Pender to Municipal Solutions Group.
About Municipal Solutions Group Inc.
Municipal Solutions Group Inc was formed in January 2002 as the public financing arm for
Municipal Software Corporation.
About Municipal Software Corporation
Municipal Software Corporation (TSX-V:MSZ) provides easily installed, packaged software solutions that manage the everyday business processes of local governments. The solutions are based on 25 years of experience with a product platform that easily adapts to the changing practices of clients. Branded under the CityView name, the company provides a number of out-of-the-box solutions for automating practices in Property Information, Permits and Inspections, Planning, Code Enforcement, Licensing and Cashiering. CityView Application Builder is a set of application development tools that allows the client to develop unique applications to match specific needs. The company recently launched web-based services under the Local Government Manager™ name for jurisdictions looking for the convenience and cost effectiveness of a hosted application. Municipal Software offers a complete range of services from training and customer support to custom development for unique applications.
Forward-Looking Statements
Certain statements in this news release are not historical and may constitute forward-looking statements reflecting Municipal Solutions Group Inc’s current expectation in the local government sector. These statements are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual events or results.
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