PhotoChannel Networks to conduct private placement: PHCHF, COST, XRIT.

0 Comments | M2 Presswire, October, 2005

M2 PRESSWIRE-10 October 2005-InvestSource Inc.: PhotoChannel Networks to conduct private placement: PHCHF, COST, XRIT(C)1994-2005 M2 COMMUNICATIONS LTD RDATE:10102005 Stocks in the News: PhotoChannel Networks Incorporated (OTC: PHCHF), Costco Wholesale Corporation (NASDAQ: COST), X-Rite Incorporated (NASDAQ: XRIT) PhotoChannel Networks Incorporated (OTC: PHCHF)("PNI") reports that a director and a friendly shareholder of PNI have arranged a sale of 5,000,000 shares of PNI at a price of $0.10 per share through the facilities of the TSX Venture Exchange.

The proceeds from this sale will be used to fund a private placement of up to 10,000,000 units of PNI at a price of $0.10 per unit, each such unit being comprised of one common share of PNI and one half of...