PhotoChannel to Extend Warrants
VANCOUVER, BC – June 23, 2005 – PhotoChannel
Networks Inc. (TSX-V: PNI and OTCBB: PHCHF), has made application
to the TSX Venture Exchange to extend the expiry date of 9,600,000
outstanding common share purchase warrants (the “Warrant”)
due to expire July 7, 2005, to July 7, 2006. Each Warrant entitles
the holder to acquire one common share of the company at an exercise
price of 15 cents. The Warrants were issued pursuant to a private
placement, which was completed on July 7, 2004. None of the Warrants
are held by insiders of the Company.
Certain statements in this announcement, including statements concerning
our plans, intentions and expectations, contain "forward-looking
statements" within the meaning of the Securities Act of 1933
as amended. Forward-looking statements are based on the opinions and
estimates of management at the time the statements are made and are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those anticipated in the forward-looking
statements. These statements are not guaranties of future performance
and are subject to certain risks, uncertainties and assumptions that
are difficult to predict. Readers are cautioned not to place undue
reliance on these forward-looking statements that speak only as of
the date of this announcement. Factors that could affect our actual
results, include, among others, Photochannel’s recent change
in business focus, anticipated losses, unpredictability of future
revenues, potential fluctuations in quarterly operating results, unproven
business model, ability to make additional acquisitions, risks related
to acquisitions, achieving adequate market share, brand awareness,
competition, risks of maintaining and creating new business relationships,
management of potential growth, risks of system interruption and risks
of international operations. More information about factors that could
potentially affect our actual results is included in Photochannel’s
filings with the Securities and Exchange Commission including the
Form 20-F related to Photochannel. We undertake no obligation to update
publicly any forward-looking statements to reflect new information,
events or circumstances after the date of this release or to reflect
the occurrence of unanticipated events.
