|By Marketwired .||
|May 20, 2014 05:33 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/20/14 -- Passport Energy Ltd. ("Passport") and Amarok Energy Inc. ("Amarok") (TSX VENTURE: AMR) announce that they have entered into an amended and restated arrangement agreement ("Amended Agreement") dated as of May 14, 2014 that amends and restates the arrangement agreement dated April 25, 2014 among Amarok, 1815766 Alberta Inc. and Passport that was previously announced by Passport and Amarok on April 30, 2014. A copy of the Amended Agreement will be available on SEDAR profiles of each of Amarok and Passport at www.sedar.com. The Amended Agreement provides, among other things, that 32 Degrees Diversified Energy Fund II (Canadian) L.P. and 32 Degrees Diversified Energy Fund II (US) L.P. (together, "32 Degrees") will participate in the previously announced private placement financing by way of a subscription for $13,000,000 of common shares of Passport ("Passport Shares") at $0.18 per Passport Share (the "Share Offering") after the Passport Shares have been consolidated on a six (6) to one (1) basis (the "Consolidation"). Consequently, the subscription receipt private placement financing previously announced has been revised to be an offering of up to a maximum of $10,000,000 of subscription receipts of Passport ("Subscription Receipts") at $0.18 per Subscription Receipt (the "Subscription Receipts Offering") where, subject to certain escrow conditions being met, each Subscription Receipt is exchangeable for one post-Consolidation Passport Share for no additional consideration. No minimum offering of the Subscription Receipts Offering needs to be achieved in order for Passport to close on the Subscription Receipt Offering. Passport has received conditional approval from the TSX Venture Exchange in connection with the Share Offering and Subscription Receipts Offering. The Amended Agreement also provides for Amarok's covenant to grant, contingent on the completion of the transactions contemplated in the Amended Agreement and effective after the completion of such transactions, undertakings to 32 Degrees in respect of certain corporate governance matters of Amarok as well as changes to deadline dates for filings, court applications, closing date and mailing date of the joint information circular contemplated in the Amended Agreement. Other than the above, the Amended Agreement does not materially change any of the material terms previously announced and does not affect the date of the Passport shareholder meeting or Amarok shareholder meeting, each of which is still anticipated to be held on June 12, 2014.
Passport and 32 Degrees have entered into subscription agreements dated May 16, 2014 (the "32 Degrees Subscriptions") in respect of the Share Offering. As previously announced, a portion of the subscription price to be paid by 32 Degrees will include the transfer and conveyance of certain lands in the Hardy area of Southeast Saskatchewan. The 32 Degrees Subscriptions are subject to a number of conditions, including, among other things, that the requisite shareholders approvals of both Passport and Amarok set out in the Amended Agreement be obtained.
Trading in the common shares of each of Passport and Amarok has been halted since January 8, 2014 and March 21, 2014 respectively. It is anticipated that the shares of Passport and Amarok will recommence trading on or about May 21, 2014.
The TSX Venture Exchange has in no way passed upon the merits of the Share Offering or Subscription Receipts Offering and has neither approved nor disapproved the contents of this press release.
Neither the 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 news release.
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of the words "may", "expected", "believes" and other words of a similar nature are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Passport and Amarok believe these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to the Share Offering, the Subscription Receipts Offering, the date of the Passport and Amarok shareholders meetings and the receipt of requisite shareholder approvals and the timing thereof. There is no assurance that the parties will carry out the terms of the Amended Agreement. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, receipt of requisite regulatory approvals and shareholder approvals, and other factors, many of which are beyond the control of Passport and Amarok. There is no assurance that all terms and conditions set forth in the Amended Agreement or any of the contemplated transactions set out therein will be undertaken or met in a timely manner. The forward-looking statements contained in this news release represent Passport's and Amarok's expectations as of the date hereof, and are subject to change after such date. Passport and Amarok each disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Modern Systems announced completion of a successful project with its new Rapid Program Modernization (eavRPMa"c) software. The eavRPMa"c technology architecturally transforms legacy applications, enabling faster feature development and reducing time-to-market for critical software updates. Working with Modern Systems, the University of California at Santa Barbara (UCSB) leveraged eavRPMa"c to transform its Student Information System from Software AG's Natural syntax to a modern application lev...
Apr. 28, 2015 02:15 PM EDT Reads: 1,832
Public Cloud IaaS started it's life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in ado...
Apr. 28, 2015 02:00 PM EDT Reads: 1,370
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) ap...
Apr. 28, 2015 02:00 PM EDT Reads: 1,676
Chef and Canonical announced a partnership to integrate and distribute Chef with Ubuntu. Canonical is integrating the Chef automation platform with Canonical's Machine-As-A-Service (MAAS), enabling users to automate the provisioning, configuration and deployment of bare metal compute resources in the data center. Canonical is packaging Chef 12 server in upcoming distributions of its Ubuntu open source operating system and will provide commercial support for Chef within its user base.
Apr. 28, 2015 02:00 PM EDT Reads: 1,905
SYS-CON Events announced today that Secure Infrastructure & Services 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. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company...
Apr. 28, 2015 01:30 PM EDT Reads: 328
SYS-CON Events announced today that CenturyLink, Inc., a leader in the network services market, has been named “Platinum 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 City, NY. CenturyLink is the third largest telecommunications company in the United States and is recognized as a leader in the network services market by technology industry analyst firms. The company is a global leader in cloud infrastructure and ...
Apr. 28, 2015 01:02 PM EDT Reads: 415
Docker, Inc., has been included in the list of "Cool Vendors" in the April 21, 2015 report by Gartner, Inc, Cool Vendors in DevOps, 2015. In the report, Gartner notes, “As virtualization and cloud applications grow beyond being single images run on premise to being comprised of multiple tiers that can be run and scaled in a hybrid cloud, new approaches are needed to reduce complexity.” “Docker has gained great traction within the developer community for how efficient it makes the individual de...
Apr. 28, 2015 01:00 PM EDT Reads: 372
ProfitBricks, the provider of painless cloud infrastructure IaaS, today released its SDK for Ruby, written against the company's new RESTful API. The new SDK joins ProfitBricks' previously announced support for the popular multi-cloud open-source Fog project. This new Ruby SDK, which exposes advanced functionality to take advantage of ProfitBricks' simplicity and productivity, aligns with ProfitBricks' mission to provide a painless way to automate infrastructure in the cloud. Ruby is a genera...
Apr. 28, 2015 01:00 PM EDT Reads: 1,159
ProfitBricks has launched its new DevOps Central and REST API, along with support for three multi-cloud libraries and a Python SDK. This, combined with its already existing SOAP API and its new RESTful API, moves ProfitBricks into a position to better serve the DevOps community and provide the ability to automate cloud infrastructure in a multi-cloud world. Following this momentum, ProfitBricks has also introduced several libraries that enable developers to use their favorite language to code ...
Apr. 28, 2015 12:00 PM EDT Reads: 1,850
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquir...
Apr. 28, 2015 12:00 PM EDT Reads: 1,771
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Apr. 28, 2015 12:00 PM EDT Reads: 2,424
How is unified communications transforming the way businesses operate? In his session at WebRTC Summit, Arvind Rangarajan, Director of Product Marketing at BroadSoft, will discuss how to extend unified communications experience outside the enterprise through WebRTC. He will also review use cases across different industry verticals. Arvind Rangarajan is Director, Product Marketing at BroadSoft. He has over 19 years of experience in the telecommunications industry in various roles such as Softw...
Apr. 28, 2015 12:00 PM EDT Reads: 1,818
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, de...
Apr. 28, 2015 12:00 PM EDT Reads: 5,302
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, 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. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
Apr. 28, 2015 12:00 PM EDT Reads: 3,695
Many of the well-known examples of DevOps success we read in blogs on the Internet paint an idyllic picture of DevOps productivity. A team was facing a stodgy, slow-moving operations department, teams weren’t delivering software on time. Those teams moved to DevOps, became proactive about infrastructure and deployment automation, and an overnight transition to productivity ensues. People are promoted, projects are successful, and developers and system administrators dance hand-in-hand in a final...
Apr. 28, 2015 11:15 AM EDT Reads: 1,379