|By Marketwired .||
|August 1, 2014 04:59 PM EDT||
SAN JUAN, PUERTO RICO -- (Marketwired) -- 08/01/14 -- Poly Shield Technologies Inc. (OTCQB:SHPR) ("Poly Shield" or the "Company") is pleased to announce that Mr. Robert C. Kopple has agreed to join Poly Shield Technologies as a member of the Board of Directors and Chairman of the Board.
"Acceptance of this position by Mr. Kopple further solidifies Poly Shield's future and we look forward to his presence as an invaluable resource for our growing organization," said Rasmus Norling, President and CEO.
Mr. Kopple's appointment to Poly Shield's Board of Directors and Chairman is expected to take place prior to September 1, 2014. In connection with his appointment as a director and Chairman of the Board, Poly Shield has agreed to issue to Mr. Kopple options to purchase up to 2,500,000 shares of common stock, vesting at a rate of 500,000 shares per year, exercisable at a price of $0.50 per share, and expiring five years after vesting.
Additionally, Mr. Kopple, through KF Business Ventures, LP, has agreed to loan Poly Shield an additional $2.4 million USD, further solidifying the Company's capital position, as it adds to its research and development investment and corporate growth initiatives in anticipation of the upcoming IMO Regulation 14.
The loan is to be advanced in eight equal monthly installments of $300,000 each beginning on September 1, 2014, and is conditional upon Poly Shield and Mr. Kopple agreeing upon a monthly budget for Poly Shield, which is currently in process. The loan will bear interest at a rate of 10% per annum, compounded monthly, until the outstanding principal amount is paid in full. The initial maturity date for the loan is January 15, 2016, which may be extended by the Company to January 15, 2017 by the issuance of additional warrants. As additional consideration for Mr. Kopple agreeing to advance the loan, Poly Shield has agreed to issue to KF Business Ventures non-transferrable share purchase warrants for a total of 9,600,000 shares of the Company's common stock, exercisable at a price of $0.50 per share for a period expiring September 1, 2019. These warrants carry cashless exercise rights for up to 4,800,000 shares.
Poly Shield and Mr. Kopple also intend to amend the terms of the original $2.0 million loan agreement entered into in January 2014 and previously amended in March 2014. As amended, the full principal and interest due under the previous loan agreement is expected to become due and payable on January 15, 2016, but may be further extended to January 15, 2017 by the issuance of additional warrants. In exchange for the extension of the due date for the previous loan, Poly Shield expects to issue to KF Business Ventures additional warrants for the purchase of up to 2,350,000 shares of common stock, with an initial exercise price of $0.50 per share, expiring on January 15, 2019, and with cashless exercise rights for up to 1,175,000 shares. In addition, Poly Shield expects to extend the expiration date for the 2,450,000 warrants previously issued to KF Business Ventures under the previous loan agreement from January 15, 2015 to January 15, 2016, and to reduce the exercise price for all of the warrants previously issued from $1.00 per share to $0.50 per share.
"Robert Kopple is a very highly respected attorney, investor and businessman and we look forward to his meaningful contribution to the mosaic of intelligence at Poly Shield Technologies," said John da Costa, CFO.
Further details on the terms and conditions of the transaction are available in the Company's filing with the United States Securities and Exchange Commission.
About Poly Shield Technologies Inc.:
Poly Shield Technologies Inc. develops and markets environmental and pollution emission control solutions to a worldwide market.
Poly Shield Technologies Inc.'s proprietary DSOX-15 and DSOX-20 Fuel Purification Systems are cost-effective technologies designed to remove sulfur from fuel in an effort to meet the upcoming sulfur emissions regulations due to take effect in 2015. These technologies are currently aimed at the maritime industry which includes vessels for cruise-line, freight shipping and tanker companies and can be installed during normal vessel operation without the need to use expensive dry dock time. These technologies have worldwide applications that are not limited to the maritime industry.
Currently, Poly Shield Technologies Inc. has contracted with multiple shipping companies for installation of its DSOX-15 solution, with options for a total of 62 installations, all of which will be upgraded to the new DSOX-20 System.
On behalf of the Board of Directors, Rasmus Norling, Chief Executive Officer.
This press release may contain forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects", "intends", "estimates", "projects", "anticipates", "believes", "could", and other similar words. All statements addressing product performance, events, or developments that Poly Shield Technologies Inc. expects or anticipates will occur in the future are forward-looking statements. Because the statements are forward-looking, they should be evaluated in light of important risk factors and uncertainties, some of which are described in Poly Shield Technologies Inc.'s Quarterly and Annual Reports filed with the United States Securities and Exchange Commission (the "SEC"). Should one or more of these risks or uncertainties materialize, or should any of Poly Shield Technologies Inc.'s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Poly Shield Technologies Inc.'s forward-looking statements. Except as required by law, Poly Shield Technologies Inc. disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. No stock exchange, securities commission or other regulatory body has reviewed nor accepts responsibility for the adequacy or accuracy of this release. Investors are advised to carefully review the reports and documents that Poly Shield Technologies Inc. files from time to time with the SEC, including its Annual, Quarterly and Current Reports.
Poly Shield Technologies Inc.
European data center operator DEAC is the largest in the Baltics. The activities are orientated to provide data center services and IT outsourcing on Eurasia and America scale in order to create the primary or backup or additional data center for customer in the EU, to protect its business and, most importantly, reduce costs up to 40% within 3-5 years. DEAC is an IT outsourcing services and sol...
Oct. 31, 2014 07:15 AM EDT Reads: 2,190
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? ...
Oct. 31, 2014 07:15 AM EDT Reads: 1,846
Dyn solutions are at the core of Internet Performance. Through traffic management, message management and performance assurance, Dyn is connecting people through the Internet and ensuring information gets where it needs to go, faster and more reliably than ever before. Founded in 2001 at WPI, Dyn’s global presence services more than four million enterprise, small business and personal customers.
Oct. 31, 2014 07:15 AM EDT Reads: 1,772
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infra...
Oct. 31, 2014 07:00 AM EDT Reads: 1,616
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and ...
Oct. 31, 2014 06:15 AM EDT Reads: 2,033
We live in a time when seconds – even milliseconds – can have a dramatic economic impact on your company’s future. With technology being the primary conduit for consumer interaction, the user experience is at center stage. User experience will be a deciding factor in separating the future winners from the losers. By building more speed and agility into the application delivery process, DevOps prom...
Oct. 31, 2014 06:00 AM EDT Reads: 1,200
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public clou...
Oct. 30, 2014 07:00 PM EDT Reads: 1,554
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-qu...
Oct. 30, 2014 07:00 PM EDT Reads: 1,852
SYS-CON Events announced today that Stratogent will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Stratogent is a custom managed services organization based in San Mateo, California. We design, implement, and support mission critical infrastructure 24x7 on premises, in datacenters and in t...
Oct. 30, 2014 06:45 PM EDT Reads: 2,154
SYS-CON Events announced today that Grid Dynamics, the leading provider of scalable eCommerce technology solutions, will exhibit at DevOps Summit Silicon Valley, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Grid Dynamics is a leading provider of open, scalable, next-generation commerce technology solutions for Tier 1 retail. Grid Dynamics h...
Oct. 30, 2014 06:00 PM EDT Reads: 1,188