|By Marketwired .||
|February 3, 2014 08:30 PM EST||
MECHANICSBURG, PENNSYLVANIA -- (Marketwired) -- 02/03/14 -- Versatile Systems Inc. (TSX VENTURE: VV) ("Versatile" or the "Company") today announced that, further to its news release of December 16, 2013, the Company will be offering rights (the "Offering") to holders of its common shares (the "Common Shares") of record at the close of business on February 18, 2014 (the "Record Date") expiring March 19, 2014 ("Expiry Date"). The Offering will be made in all of the provinces and territories of Canada.
Shareholders of record on the Record Date will receive one right (a "Right") for each Common Share held and four Rights plus the sum of $0.02 will entitle the holder to subscribe for one Common Share. Rights will be evidenced by transferable rights certificates (each, a "Rights Certificate"). The Rights expire at 4:00 p.m. (Toronto time) (the "Expiry Time") on the Expiry Date, after which time unexercised Rights will be void and of no value. Shareholders who fully exercise their Rights are entitled to subscribe pro rata for additional Common Shares, if available, that were not subscribed for initially on or before the Expiry Time.
The Company has entered into a standby agreement (the "Standby Agreement") with Bertrand des Pallieres (the "Guarantor"), a director of the Company and holder of 33,167,500 Common Shares, pursuant to which Guarantor has committed, subject to terms and conditions set out in the Standby Agreement, to purchase at $0.02, such number of Common Shares that are available to be purchased, but not otherwise subscribed for, at the Expiry Time under the Offering. In consideration for this guarantee, Guarantor will be granted 7,757,383 non-transferable common shares purchase warrants (the "Standby Warrants"). Each whole Standby Warrant shall entitle the Guarantor to acquire one Common Share at an exercise price equal to: (a) $0.05 per share, if exercised prior to the Company's previously announced 10 for 1 consolidation (the "Consolidation"); and (b) $0.20 if exercised after the Share Consolidation. The Standby Warrants will expire on September 21, 2014.
The Offering is expected to raise gross proceeds of approximately $786,428.20, which will be used to repay a secured loan of the Guarantor to the Company.
The Rights will be posted for trading on the TSX Venture Exchange and will trade under the symbol "VV.RT". Trading of the Rights is expected to continue until 12:00 noon (Toronto time) on the Expiry Date. A rights offering circular, together with Rights Certificates, will be mailed to eligible shareholders on or after the Record Date. Eligible registered shareholders wishing to exercise their Rights must forward the completed Rights Certificates, along with the applicable funds to Computershare Investor Services Inc. by the Expiry Date. Shareholders who own their shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.
No U.S. Registration
The securities offered will not be or have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. person (as defined in Regulation S of the Securities Act) or person in the United States, unless an exemption from such registration requirements is available. Certain shareholders in the United States will be permitted to participate in the Offering upon satisfying the Company that such participation is lawful and in compliance with all applicable securities and other laws of the United States. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.
Arrangement with Mobiquity
At the Company's Special Meeting held on October 31, 2013 shareholders of Versatile approved a plan of arrangement (the "Arrangement") with its wholly-owned subsidiary Mobiquity Investments Corp. As was noted in the Information Circular for the Special Meeting there were a number of conditions precedent to the completion of the Arrangement. These conditions have not yet been satisfied. The Arrangement will not proceed until the closing conditions are met and Versatile decides that it continues to be in the best interests of its shareholders to complete with the Arrangement. Versatile will provide a further update on the Arrangement when information is available.
Versatile is a multi-disciplinary technology company with solutions across the mobile, digital signage, IT infrastructure, software and hardware landscape. The company's products are utilized by Fortune 500 companies, leading financial institutions, large and small retail organizations. For more information please visit www.versatile.com.
This document may contain forward-looking statements relating to Versatile's operations or to the environment in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These statements include the closing of the Rights Offering and the Arrangement and the completion of the Consolidation. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile's control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
© 2014 Versatile Systems Inc. All rights reserved.
Versatile Systems Inc.
Chief Executive Officer
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 28, 2015 06:00 PM EDT Reads: 1,368
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things...
Mar. 28, 2015 06:00 PM EDT Reads: 1,747
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
Mar. 28, 2015 06:00 PM EDT Reads: 1,234
Hosted PaaS providers have given independent developers and startups huge advantages in efficiency and reduced time-to-market over their more process-bound counterparts in enterprises. Software frameworks are now available that allow enterprise IT departments to provide these same advantages for developers in their own organization. In his workshop session at DevOps Summit, Troy Topnik, ActiveState’s Technical Product Manager, will show how on-prem or cloud-hosted Private PaaS can enable organ...
Mar. 28, 2015 05:45 PM EDT Reads: 1,022
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Mar. 28, 2015 05:00 PM EDT Reads: 3,003
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed...
Mar. 28, 2015 04:15 PM EDT Reads: 2,389
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
Mar. 28, 2015 04:15 PM EDT Reads: 1,241
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Thi...
Mar. 28, 2015 04:15 PM EDT Reads: 1,450
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
Mar. 28, 2015 04:00 PM EDT Reads: 1,234
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Mar. 28, 2015 03:30 PM EDT Reads: 2,124
Are your applications getting in the way of your business strategy? It’s time to rethink your IT approach. In his session at 16th Cloud Expo, Madhukar Kumar, Vice President, Product Management at Liaison Technologies, will discuss a new data-centric approach to IT that allows your data, not applications, to inform business strategy. By moving away from an application-centric IT model where data integration and analysis are subservient to the constraints of applications, your organization will b...
Mar. 28, 2015 03:15 PM EDT Reads: 2,498
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make sm...
Mar. 28, 2015 03:00 PM EDT Reads: 3,397
What’s inside the cloud? Hard work. Cloud operators know the world inside the datacenter is gritty. Vendor marketing speak and cloudwashing quickly melt in the heat of SLAs, uptime guarantees, and users who want it now. In his session at DevOps Summit, Hernan Alvarez, Chief Product Officer at Blue Box Group, will deliver an unvarnished look inside the world of cloud operators, from the perspective of someone who lives it. Attendees get a front-row look into the toolkits and processes that enabl...
Mar. 28, 2015 03:00 PM EDT Reads: 1,503
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
Mar. 28, 2015 03:00 PM EDT Reads: 2,979
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...
Mar. 28, 2015 03:00 PM EDT Reads: 1,167