|By Marketwired .||
|July 16, 2014 02:04 PM EDT||
GREENWOOD VILLAGE, CO -- (Marketwired) -- 07/16/14 -- Powertech Uranium Corp. (TSX: PWE), pending a change of name to Azarga Uranium Corp. upon receipt of the requisite approvals ("Powertech" or the "Company"), announces that it has entered into a Transfer, Bill of Sale and Assignment Agreement dated May 9, 2014 (the "Data Purchase Agreement") with Energy Fuels Resources (USA) Inc. ("Energy Fuels"), whereby the Company has agreed to purchase certain data (the "Data") concerning the Dewey Burdock uranium property located in Fall River and Custer Counties, South Dakota from Energy Fuels.
In consideration for the transfer and conveyance of the Data, the Company has agreed to pay to Energy Fuels a total purchase price of US$200,000 (the "Purchase Price") on the terms and conditions of the Data Purchase Agreement, which Purchase Price was payable as follows: (a) a down payment of US$100,000 payable in common shares of the Company (collectively, the "Payment Shares"), with the number of Payment Shares to be allotted and issued calculated based on the volume weighted average price for the five trading days immediately preceding the date of payment or as otherwise required by the Toronto Stock Exchange ("TSX"), and (b) US$100,000 payable in cash no later than August 15, 2014, provided that if, at the end of the four month statutory hold period on the Payment Shares (the "Hold Period") which commences on the date of issuance of the Payment Shares, the aggregate value of the Payment Shares, based upon the volume weighted average price for the five trading days immediately preceding the last day of the Hold Period (the "Share Value"), is less than US$100,000, then the Company shall promptly pay in cash to Energy Fuels the difference between US$100,000 less the Share Value.
The Company has issued 1,745,902 Payment Shares at a deemed price of $0.061 per Payment Share and intends to pay US$100,000 to Energy Fuels in satisfaction of the Purchase Price on August 15, 2014 in accordance with the Data Purchase Agreement. The Payment Shares are subject to a Hold Period expiring on November 10, 2014. The Company and Energy Fuels have an arm's length relationship. The Data Purchase Agreement and transactions contemplated thereby, including issuance of the Payment Shares, have been approved by the TSX.
The data being acquired consists of historical drill hole logs and maps prepared by the Tennessee Valley Authority from the 1970's and 1980's when the Dewey Burdock uranium deposit was originally discovered as well as digitized data generated from this work. This data is expected to assist Powertech's planning of wellfields for the Dewey Burdock uranium property by providing additional quality data to complement Powertech's existing database.
About Powertech Uranium Corp.
Powertech is a mineral exploration and development company that through its wholly-owned subsidiary owns the Dewey-Burdock Uranium Project in South Dakota, the Centennial Project in Colorado, and Dewey Terrace and Aladdin exploration prospects in Wyoming. On June 30, 2014, the shareholders of Powertech approved a merger with Azarga Resources Limited to become Azarga Uranium Corp. The completion of the merger and change of name remain subject to certain conditions being satisfied, including without limitation, acceptance of the Toronto Stock Exchange. For more information please visit http://www.powertechuranium.com.
POWERTECH URANIUM CORP.
Per: "Richard F. Clement"
Richard F. Clement Jr.,
President & CEO
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding: (a) the Company's obligations under the Data Purchase Agreement, including without limitation the Company's obligation to pay Energy Fuels the amount by which the Share Value is less than US$100,000, and the Company's intention to pay the US$100,000 cash payment for the balance of the Purchase Price on August 15, 2014, (b) the expiry of the Hold Period, (c) the expectation that the Data will assist Powertech's planning of wellfields and add quality data to Powertech's existing database, and (d) regarding the completion of the proposed merger with Azarga Resources Limited and the change of name to Azarga Uranium Corp. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) volatility in the trading price of the common shares of the Company, (2) a Share Value following issuance of the Payment Shares that is less than US$100,000, (3) the risk that the Hold Period may be longer or shorter than anticipated, (4) the risk that the Company may not have the financial resources to pay the remainder of the Purchase Price and therefore will not be able to acquire the Data, (5) the risk that the merger with Azarga Resources limited and proposed name change may not occur for any reason whatsoever, including that the Toronto Stock Exchange may not approve the transaction or change of name, and (6) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's MD&A filed with Canadian security regulators at www.sedar.com.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
For further information, please contact:
Chief Operating Officer
Powertech (USA) Inc.
Dewey-Burdock Project Manager
Powertech (USA) Inc.
Email: Email Contact
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
Jan. 29, 2015 01:00 AM EST Reads: 2,824
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...
Jan. 29, 2015 12:30 AM EST Reads: 2,965
"SOASTA built the concept of cloud testing in 2008. It's grown from rather meager beginnings to where now we are provisioning hundreds of thousands of servers on a daily basis on behalf of customers around the world to test their applications," explained Tom Lounibos, CEO of SOASTA, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 29, 2015 12:00 AM EST Reads: 2,522
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 28, 2015 11:00 PM EST Reads: 2,571
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. ...
Jan. 28, 2015 07:30 PM EST Reads: 3,247
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what th...
Jan. 28, 2015 06:15 PM EST Reads: 4,042
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness,...
Jan. 28, 2015 06:00 PM EST Reads: 2,962
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science f...
Jan. 28, 2015 06:00 PM EST Reads: 3,212
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 28, 2015 05:00 PM EST Reads: 2,137
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
Jan. 28, 2015 04:00 PM EST Reads: 2,720
OneCloud Software has launched the OneCloud Partner Program. Responding to demand from prospective partners, the Program offers managed service providers (MSPs) and resellers the resources they need to grow their business with the OneCloud Recovery solution. OneCloud Recovery is an automated solution for disaster recovery/business continuity (DR/BC), which leverages Amazon Web Services as the disaster recovery site. “This is a tremendous opportunity with an innovative hybrid cloud-based DR pro...
Jan. 28, 2015 03:30 PM EST Reads: 889
Cloud Technology Partners on Wednesday announced it has been recognized by the Modern Infrastructure Impact Awards as one of the Best Amazon Web Services (AWS) Consulting Partners. Selected by the editors of TechTarget's SearchDataCenter.com, and by votes from customers and strategic channel partners, the companies acknowledged by the Modern Infrastructure Impact Awards represent the top providers of cloud consulting services for AWS including application migration, application development, inf...
Jan. 28, 2015 03:00 PM EST Reads: 1,442
MapR Technologies on Tuesday announced the availability of free Hadoop On-Demand Training for developers, analysts and administrators which represents a $50M in-kind contribution* to the broad Hadoop community. The Hadoop training program is a multi-course curriculum designed to expand worldwide adoption of Hadoop technology. The curriculum provides engaging and interactive video lessons, hands-on exercises, labs and quizzes, enabling professionals to acquire valuable Hadoop skills and knowledge...
Jan. 28, 2015 03:00 PM EST Reads: 726
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 28, 2015 02:45 PM EST Reads: 2,429
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 28, 2015 02:30 PM EST Reads: 2,550