/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR
DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES./
OTTAWA,
July 24, 2014 /CNW/ - Espial Group
Inc. (TSX: ESP) ("Espial" or the "Company") announced today that
the underwriters of the Company's bought deal offering that closed
on June 24, 2014 (the "Offering")
have exercised in full their over-allotment option to purchase an
additional 526,320 common shares at a price of $2.85 per common share for gross proceeds to
Espial of $1,500,012. It is
expected that the exercise of the over-allotment option will close
on July 28, 2014, subject to
customary conditions.
The syndicate of underwriters for the Offering
was led by GMP Securities L.P. and included Beacon Securities
Limited, Clarus Securities Inc., Euro Pacific Canada Inc. and
Global Maxfin Capital Inc.
The securities being offered have not been, nor
will they be, registered under the United
States Securities Act of 1933, as amended, and may
not be offered or sold in the United
States or to, or for the account or benefit of, U.S. persons
absent registration or an applicable exemption from the
registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any State in which
such offer, solicitation or sale would be unlawful.
About Espial (www.espial.com)
Espial is a leading supplier of digital TV and
IPTV software and solutions to cable MSOs and telecommunications
operators as well as consumer electronics manufacturers. Espial's
middleware, video-on-demand, and browser products power a diverse
range of pay-TV and Internet TV business models. Over 35 million
licenses of its patented software are in use across the world.
Espial is headquartered in Ottawa,
Canada and has offices in the
United States, Europe, and
Asia. Visit www.espial.com or
contact via phone at +1 613 230 4770.
Forward Looking Statements
This press release contains information that is
forward looking information with respect to Espial within the
meaning of Section 138.4(9) of the Ontario Securities Act (forward
looking statements) and other applicable securities laws. In some
cases, forward-looking information can be identified by the use of
terms such as "may", "will", "should", "expect", "plan",
"anticipate", "believe", "intend", "estimate", "predict",
"potential", "continue" or the negative of these terms or other
similar expressions concerning matters that are not historical
facts. In particular, statements or assumptions about the closing
of the over-allotment option exercise, the timing of such closing,
and any other statements regarding Espial's objectives (and
strategies to achieve such objectives), future expectations,
beliefs, goals or prospects are or involve forward-looking
information. Forward-looking information is based on certain
factors and assumptions. While the company considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect.
Forward-looking information, by its nature,
necessarily involves known and unknown risks and uncertainties. A
number of factors could cause actual results to differ materially
from those in the forward-looking statements or could cause our
current objectives and strategies to change, including but not
limited to our ability to satisfy all conditions of closing of the
over-allotment option exercise (some of which are beyond our
control), and the changing conditions and other risks associated
with the on-demand TV software industry and the market segments in
which Espial operates, competition, Espial's ability to effectively
develop its distribution channels and generate increased demand for
its products, economic conditions, technological change,
unanticipated changes in our costs, regulatory changes, litigation,
the emergence of new opportunities, many of which are beyond our
control and current expectation or knowledge.
Additional risks and uncertainties affecting
Espial can be found in the Short Form Prospectus dated June 17, 2014 and Management's Discussion and
Analysis of Results of Operations and Financial Condition and its
Annual Information Form for the fiscal year ended December 31, 2013 filed on SEDAR at
www.sedar.com. If any of these risks or uncertainties were to
materialize, or if the factors and assumptions underlying the
forward-looking information were to prove incorrect, actual results
could vary materially from those that are expressed or implied by
the forward-looking information contained herein and our current
objectives or strategies may change. Espial assumes no obligation
to update or revise any forward looking statements, whether as a
result of new information, future events or otherwise, except as
required by law. Readers are cautioned not to place undue reliance
on these forward-looking statements that speak only as of the date
hereof.
SOURCE Espial Group