VITRIX CLOSES $1.075M PRIVATE PLACEMENT
TEMPE, Ariz., November 17, 2003 ?Vitrix, Inc., (OTCBB: VRXI), the parent company of Time Spot, Inc., a leading developer and marketer of time and labor management solutions, today announced that it has completed a private placement of 1,433,999 shares at $0.75 per share, resulting in gross proceeds of $1,075,500, and net proceeds of $967,950 after fees associated with the transaction.
Proceeds from the private placement will be used to hire additional engineers to focus on the development of next-generation software and hardware, as well as for marketing and general working capital purposes.
?We are pleased to have completed this round of financing, which enables Time Spot to continue positioning itself for growth in the web-based and client-server workforce market,? said Thomas Bednarik, president and chief executive officer of Vitrix, Inc. ?It is critical that we continue to commit funds to the development of industry-leading time management solutions that are customized to meet the specific the needs of our customers, and the additional engineers this capital affords us will be instrumental in the pursuit of this goal.?
Mr. Bednarik added, ?The closing of this private placement follows a substantial investment we made last quarter to grow Time Spot?s sales force, which will enable us to accelerate the promotion of our solutions and continue to grow our presence in the workforce management industry.?
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