has received funding from
Onbelay Partners, K2 & Associates Investment Management Inc., and Marquest Inv.
Corporate Finance Associates
BSM Technologies Inc., a leading provider of high security vehicle tracking and surveillance solutions announced on January 26, 2006 that it had closed its non-brokered private placement financing. BSM is a leading provider of fleet management, fleet diagnostics and automated vehicle security systems providing real-time, web-based management and tracking of enterprise fleet assets. The company provides solutions for commercial, government, and law enforcement organizations who manage and operate large fleets, and who seek to enhance customer service, improve the security of their drivers and vehicles, and lower business costs. BSM Wireless wholly-owned subsidiary of BSM Technologies Incorporated, a public company listed on the Toronto Venture Exchange (TSX-V:GPS). Corporate Finance Associates, Oakville, acted as financial advisor to BSM Technologies.
Onbelay Partners Limited are the lead investor in this private placement, BSM has appointed Aly Rahemtulla, President of Onbelay Partners Limited, a director of BSM under the terms of the financing. Onbelay Partners Limited (OPL) is a unique partnership, bringing together investment capital and a team with diversified expertise in technology, corporate finance, growth management, operations management, and business development.In addition, John Bell, Chairman of Onbelay Partners Limited, will be nominated as a director of BSM at the Annual and Special Meeting of shareholders of BSM to be held on February 24, 2006.
John Bell commented: “We are excited at the prospect of helping BSM execute on its business plan. The Company has fantastic technology, a talented and committed management team, and a very full sales pipeline. Onbelay Partners Limited, along with hedge fund K2 & Associates and investment firm Marquest, bring BSM financial capital, experience in managing rapid sales growth, and wide reaching contacts in the wireless space and capital markets. Our investment syndicate will work closely with BSM’s management team to deliver sustained shareholder value.”
The above information is quoted from the BSM website and from the official press release of the agreement.
The press release can be downloaded here: FINAL_01_26L.pdf