Drs Inc (OTCPK: DRSX) announced a private placement of common shares for gross proceeds of $500,000 on July 11, 2011. The company will also issue warrants to purchase one common share for each four common shares purchased. Salmon Whitney, LLC will serve as the placement agent to the company in connection with this transaction. The company will pay sales commissions of $50,000 and issued warrants to purchase 5% of amount of common shares sold in the transaction. The securities will be issued pursuant to Regulation D. The transaction was cancelled as on July 11, 2012.