Time Spot Press Releases
VITRIX ANNOUNCES COMPLETION OF PRIVATE PLACEMENT
Tempe, ARIZ. (May 22, 2003)? VITRIX, Inc. (OTC: VRXI), the parent company of Time Spot, Inc., a leading developer and marketer of time and labor management solutions, today announced the completion of a $250,000 private placement of 1,388,889 shares of common stock. The securities were issued under a private placement offering to accredited investors.
Recently, we have enhanced our workforce by adding key employees in the areas of sales, business development and customer support services. In addition, the Company is initiating activities in the area of new product design and development. The funds raised will allow the Company to further penetrate our current markets, capitalize on new opportunities and position ourselves to meet the future needs of our customers,? stated Thomas S. Bednarik, President and CEO.
About VITRIX, Inc.:
Based in Tempe, Arizona, VITRIX, Inc., through its wholly owned subsidiary, Time Spot, Inc., is a leading developer of client-server and web-based workforce management solutions. With over fourteen years of experience, Time Spot's family of GENESIS PRO?, HourTrack? and NETtime? solutions deliver cost-effective management of labor resources and automation of time and attendance data collection, workforce scheduling, and payroll processing.
FORWARD LOOKING STATEMENTS
Certain information and comments contained in this press release may be forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Factors set forth in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2002 and subsequently filed Form 10-QSBs, together with other factors that appear in this press release or in the Company's other Securities and Exchange Commission filings could affect the Company's actual results and could cause the Company's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of the Company, in this press release.