|By Marketwired .||
|May 15, 2014 09:57 PM EDT||
CARLSBAD, CALIFORNIA -- (Marketwired) -- 05/16/14 -- Pacific Vector Holdings Inc. (TSX VENTURE:PVH) (the "Company") is providing this corporate update and the bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Defaults ("NP 12-203"). On May 1, 2014 the Company disclosed in the default notice (the "Default Notice") that, for reasons disclosed in the Default Notice, there would be a delay in the filing of its annual financial statements, accompanying Management Discussion and Analysis and related CEO and CFO certifications of annual filings for the financial year ended January 7, 2014 (collectively, the "Required Filings").
As a result of this delay in filing the Required Filings, a management cease trade order was granted to the Company. The MCTO restricts all trading on the securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company until such time as the Required Filings have been filed by the Company. The MCTO does not affect the ability of all other shareholders who are insiders of the Corporation to trade their securities.
Below is the update on the status of the financing and a corporate update.
The Company received agreements from existing debt and payable holders to convert US$6,959,587, in existing amounts outstanding, to equity at the rate of CDN$0.12 per common share. Of the total amount, holders of $3,121,667 have signed the agreements and holders of an additional $3,837,920 have verbally agreed to execute the agreements that have been provided. The result would be the issuance of an additional 63,796,212 common shares and the elimination of $6,959,587 in debt and payables. The Company has approached debt holders holding an additional US$1,267,745 with the same conversion opportunity. The elimination of this debt is the first step in a comprehensive plan to improve the Company's balance sheet. The conversion is subject to additional financing and the approval of the TSX Venture Exchange.
The Company has had additional meetings with interested investors in Toronto. The Company received verbal agreements for convertible debt financing of $2.5 million with a closing in 10 to 15 business days. The financing will include an annual interest rate of 10% and will allow for the conversion, at the option of the holder, into common shares of the Company at the existing market price. The financing is subject to the completion of the legal documents and the approval of the TSX Venture Exchange.
The Company continues to have discussions with interested equity investors to raise an additional $3 million to $5 million in equity.
The Company also received an un-solicited offer for the purchase of all of the assets of Reno Wilson Inc. (Gatorz Eyewear). The Company subsequently ran a process which attracted an additional 3 offers for the purchase of Gatorz assets. The board approved an initial offer and the interested party has completed its due diligence. The updated offer and negotiations provide for an asset purchase agreement with gross proceeds of approximately $1.2M which is subject to fluctuations based on the value of the inventory and accounts receivable. The purchaser has completed the first draft of the legal agreements and the Company expects to close the sale of the Gatorz assets with 15 days.
The Company is also looking for an immediate bridge of US$300,000 to allow it to make imminent payments related to operations and costs associated with the financings and the sale of Gatorz assets. This should provide the Company the working capital necessary to close the transactions noted above.
The Company also closed an additional 4 under-performing Ryderz Compound retail locations. The Company continues to have 16 retail locations in operation. Combined with the announcement on March 25, 2014, the company has now closed 18 under-performing stores and is focusing on reducing its geographic dispersion of stores.
As a result of the store closings the Company has eliminated 14 head office positions and certain management personnel have agreed to take temporary salary reductions. The total cost savings generated from the head office reductions is $722,000 annually.
About Pacific Vector
Pacific Vector is a premier action sports retail and consumer brands company. www.pacificvector.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Pacific Vector assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Pacific Vector.
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
Dec. 25, 2014 01:00 AM EST Reads: 1,789
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 25, 2014 01:00 AM EST Reads: 2,031
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal. The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
Dec. 25, 2014 01:00 AM EST Reads: 1,630
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Dec. 25, 2014 01:00 AM EST Reads: 1,914
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
Dec. 25, 2014 12:00 AM EST Reads: 2,074
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
Dec. 25, 2014 12:00 AM EST Reads: 2,336
Lori MacVittie is responsible for education and evangelism of application services available across F5's entire product suite. Her role includes authorship of technical materials and participation in a number of community-based forums and industry standards organizations, among other efforts. MacVittie has extensive programming experience as an application architect, as well as network and systems development and administration expertise. Prior to joining F5, MacVittie was an award-winning Senio...
Dec. 24, 2014 09:00 PM EST Reads: 1,214
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Dec. 24, 2014 06:30 PM EST Reads: 1,915
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...
Dec. 24, 2014 05:00 PM EST Reads: 1,310
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, 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. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
Dec. 24, 2014 04:00 PM EST Reads: 1,702
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 24, 2014 02:00 PM EST Reads: 2,811
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
Dec. 24, 2014 02:00 PM EST Reads: 2,602
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
Dec. 24, 2014 01:45 PM EST Reads: 1,945
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Dec. 24, 2014 12:30 PM EST Reads: 1,921
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Dec. 24, 2014 12:30 PM EST Reads: 1,756