January 19 2001
BURNABY, B.C. – Icron Systems Inc. (CDNX: ICM) announces that it does not intend to pursue the private placement of 1,500,000 units at a price of $0.35 per unit, as disclosed in its Press Release dated January 8, 2001.
Instead, it is the intention of Icron to complete a private placement of up to 3,500,000 units at a price of $0.15 per unit for gross proceeds of up to $525,000, with each unit consisting of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder to purchase one additional common share for a period of twelve months from the closing date of the private placement at a price of $0.20 per share. The net proceeds of this private placement will be used for general corporate purposes. A cash commission of up to $52,500 may be paid.
Icron Systems Inc. of Burnaby, B.C. has invented ExtremeUSBTM technology, a practical means of extending the range of USB 1.1 connections from 5 meters to over 100 meters. Icron has applied for patents covering its inventions and is integrating its technology into a series of products for computing applications. Icron’s USB RangerTM products are the only USB extenders that are compliant with the USB Implementers Forum’s requirements. Icron is committed to working with its partners to increase the total market for USB products by enabling a broad set of new applications that utilize ExtremeUSB. Icron is a publicly traded company and trades under the symbol ICM on the Canadian Venture Exchange Inc.
Investor Relations: Samantha Haynes [email protected] (604) 940-2239
Media Relations: Mats Gerschman [email protected] (604) 638-3920
Note: The company relies on litigation protection for “forward-looking” statements. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding production estimates and future plans and objectives of Icron – are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.