Jan. 22, 2007 (China Knowledge) – Irish Mag, Inc. <IRHM>, a provider of real-time Geographic Information System (GIS) and Software Operating Service in China, has announced a private placement valued at US$14.95 million to two strategic investors.

About 7.87 million common shares will be sold to two investors, the Pinnacle Fund, L.P. and the Pinnacle China Fund, L.P., at US1.90 per share.

Proceeds will be used for boosting working capital, like the company’s software operating service, as well as research and development, sales channel expansion and possibly for acquisitions.

Irish Mag’s clients include the Shenzhen City Public Security Bureau, China Unicom Shenzhen Division, Shenzhen Urban Planning Bureau, and the Shenzhen Fire Department.