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NEWS
RELEASE
FOR IMMEDIATE RELEASE
FreeHand
Systems Closes First Institutional Round of Funding from Large Institutional
Investor, Vision Opportunity Master Fund, Ltd.
LOS
ALTOS, Calif. – September 29, 2006 –FreeHand Systems,
Inc., wholly owned subsidiary of FreeHand Systems International,
Inc. (OTC:FSYI), announced today that it has just completed its
first institutional round of private funding from Vision Opportunity
Master Fund Ltd. FreeHand Systems is the elite digital music company
whose revolutionary technology is shaping the future of the distribution
and performance of sheet music.
“This
capital will be instrumental in cleaning up FreeHand’s balance
sheet and allowing the company to ship new orders that will be reflected
in this year’s sales,” said Kim Lorz, CEO of FreeHand
Systems. He added, “With this additional capital the company
can continue the marketing and sales support required while FreeHand
works toward its application for the Bulletin Board.”
“We
are proud to be associated with this young aggressive company that
is on the forefront of digital technology for music and musicians
and we look forward to seeing the company reach its sales and profit
goals,” said Jonathan Shane of Vision Capital Advisors, LLC.
Vision
Opportunity Master Fund, Ltd. is a long-only alternative investment
hedge fund that specializes in making value-oriented investments
in fundamentally strong small-cap public companies.
FreeHand
Systems, Inc. (www.freehandsystems.com), a wholly owned subsidiary
of FreeHand Systems International, Inc. (FSYI), is the global leader
in digital sheet music publishing and is the manufacturer of the
first digital music performance and education tablet, the MusicPad
Pro® Plus, which has an MSRP of $1199. The pad provides innovative
technology to the music industry for displaying and publishing digitally
delivered sheet music. The company’s digital
sheet music website (www.freehandmusic.com)
offers over 85,000 titles for digital download to print or transfer
to the MusicPad Pro, which can range from $1.95 for a simple one-page
lead sheet to over $50 for a full performing score and parts.
Investor
Contact:
650-941-0742 (Investor Relations)
investorrelations@freehandsystems.com
Media
Contact: Clyde Beswick, VP Marketing
FreeHand Systems, Inc.
95 First Street, Suite 200
Los Altos, CA 94022
310.275.9269
cbeswick@freehandsystems.com
Note
to editors: For additional information visit FreeHand System’s
website, www.freehandsystems.com. FreeHand Systems, Inc., MusicPad
Pro®, MusicPad Pro® Plus, MusicPad Maestro™ are trademarks
of FreeHand Systems, Inc.
*****
This
press release contains forward-looking information within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), including statements regarding potential
sales, the success of the company's business, as well as statements
that include the word "believe" or similar expressions.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of FreeHand Systems International, Inc.
to differ materially from those implied or expressed by such forward-looking
statements. Such factors include, among others, the risk factors
included in FreeHand Systems International, Inc.'s Annual Report
and any subsequent reports filed with the SEC under the Exchange
Act. This press release speaks as of the date first set forth above
and FreeHand Systems International, Inc. assumes no responsibility
to update the information included herein for events occurring after
the date hereof. Actual results could differ materially from those
anticipated due to factors such as the lack of capital, timely development
of products, inability to deliver products when ordered, inability
of potential customers to pay for ordered products, and political
and economic risks inherent in international trade. |
