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FOR
IMMEDIATE RELEASE
Media Contact:
Rob Goldstone / David Wilson
Oui
2 Public Relations 212-541-5698
FreeHand
Systems Closes Additional Institutional Round of Funding from
Vision Capital Advisors, LLC.
NEW
YORK, New York / LOS ALTOS, Calif., June 1, 2007 – FreeHand
Systems, Inc., wholly owned subsidiary of FreeHand
Systems International, Inc.(OTC: FSYI), announced today that it has closed its third institutional
round of private funding from Vision Capital Advisors,
LLC. FreeHand
is the elite digital music company whose revolutionary technology
is shaping the future of the distribution and performance of sheet
music.
“We are pleased to be able to continue our efforts
to assisting this young aggressive company to reaching its goals,” said
Jonathan Shane of Vision Capital Advisors, LLC. “We believe
that FreeHand’s technology and
products are proving to be very much a part of the future of the music business.”
“This additional capital will allow FreeHand to continue
on its path toward achieving its profit and sales goals and toward
meeting our aggressive product roll-out expectations,” says
Kim Lorz – CEO of FreeHand Systems,
Inc.
In connection
with this financing, Vision exercised 4,000,000 warrants, paying
$2,000,000 and receiving 4.0 million shares. All
remaining warrants had their exercise price reset to $.50. Following
this financing, Vision has warrants outstanding to purchase 16,000,000
shares of common stock.
Vision is an SEC-registered investment advisor
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 developer
and manufacturer of the revolutionary music performance tablet,
the MusicPad Pro® Plus, the
world’s only digital sheet music tablet which can store literally
a limitless number of sheet music pages. The environmentally friendly
pad allows the operator to download from its online catalog or
scan in any piece of sheet music, which then converts to the pad’s
template. The user is then able to annotate or make corrections,
including changing the key of entire compositions in a matter of
seconds. The pad additionally contains a zoom-in/zoom-out feature,
an extensive library of notation symbols, a half-page turn option
(for look-ahead viewing in portrait mode) as well as a back-lit
device (making external stand lighting unnecessary). The MusicPad
Pro is accessibly priced at US$899.
In addition
to the MusicPad, the company’s digital sheet
music website, Freehandmusic.com is the Internet’s largest
online sheet music catalog, with over 90,000 titles. Making physical
deliveries and exhausting retail searches a thing of the past,
FreeHand online users and its sheet music retailers are able to
digitally download music to their hard drives, printers or to FreeHand’s
MusicPad Pro in a matter of seconds.
FreeHand Systems,
Inc., a wholly owned subsidiary of FreeHand Systems International,
Inc. (OTCO: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.
Investor Contact:
650-941-0742 (Investor Relations)
investorrelations@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. |