|By Marketwired .||
|January 17, 2014 12:28 PM EST||
LUGANO, SWITZERLAND -- (Marketwired) -- 01/17/14 -- Bertrand des Pallieres announces that he has completed a loan to Versatile Systems Inc. (the "Issuer") of $389,293 (the "des Pallieres Loan"). SPQR Capital Holdings SA ("SPQR"), a corporation controlled by Mr. des Pallieres, has concurrently completed a loan to the Issuer of $259,527 (the "SPQR Loan"). The des Pallieres Loan and the SPQR Loan (collectively, the "Loans") bear an interest rate of 14% per annum and mature two years from the date of advance. The principal of the Loans is convertible at the option of Mr. des Pallieres and SPQR into common shares of the Issuer ("Common Shares") at a conversion price as follows: (a) if the Issuer's previously announced 10 for 1 consolidation (the "Consolidation") has not been completed, at a conversion price of $0.05 per share until the first anniversary of advance and $0.10 per share thereafter; and (b) following completion of the Consolidation, at a conversion price of $0.35 per share (equal to $0.035 per share pre-Consolidation). The Loans represent 100% of the convertible loans of the Issuer.
Following the transaction, 13,667,500 Common Shares are held directly by Mr. des Pallieres and 19,500,000 Common Shares are held indirectly by Mr. des Pallieres through Lansdowne Capital S.A., being approximately 21.6% of the current issued and outstanding Common Shares. Assuming that the Consolidation is completed and the entire principal amount of the Loans is converted, the des Pallieres Loan would be convertible into 11,122,657 pre-Consolidation Common Shares and the SPQR Loan would be convertible into 7,415,057 pre-Consolidation Common Shares.
The securities were acquired for investment purposes. Mr. des Pallieres has indicated his willingness to provide a standby commitment to the Issuer whereby he will agree to acquire up to 39,321,410 additional pre-Consolidation Common Shares to be issued by the Issuer at a price of $0.02 per share pursuant to its previously announced rights offering. In consideration for providing such commitment, Mr. des Pallieres will be issued warrants to acquire a further 8,272,598 pre-Consolidation Common Shares at a price of $0.05 per share, if exercised prior to the Consolidation, and $0.20 per share, if exercised after the Consolidation. Mr. des Pallieres may take such actions in respect of his holdings as he may deem appropriate in light of the circumstances then existing, including acquiring ownership or control over additional Common Shares or other securities of the Issuer or the disposition of all or a portion of his holdings in the open market or in privately negotiated transactions.
The acquisition of the Loans was carried out in accordance with and in reliance on the "Accredited Investor" exemption in section 2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions, which exempts the transfer and issue of such securities from the prospectus requirements of applicable securities law.
Mr. des Pallieres and SPQR may be considered to be joint actors under applicable securities legislation. However, the issuance of this news release is not an admission that any entity named in this news release owns or controls any of the securities described in this news release or is a joint actor with any other entity named in this news release.
For further information and to obtain a copy of the early warning report to be filed under applicable Canadian securities laws in connection with the foregoing matters, please see the Issuer's profile on SEDAR at www.sedar.com.
Bertrand Des Pallieres
Via Campo Marzio 1
+44 773 999 0991
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Aug. 30, 2015 06:45 PM EDT Reads: 364
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Aug. 30, 2015 05:00 PM EDT Reads: 130
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Aug. 30, 2015 05:00 PM EDT Reads: 460
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Aug. 30, 2015 04:00 PM EDT Reads: 148
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Aug. 30, 2015 01:30 PM EDT Reads: 215
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Aug. 30, 2015 01:30 PM EDT Reads: 184
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
Aug. 30, 2015 01:00 PM EDT Reads: 277
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Aug. 30, 2015 12:00 PM EDT Reads: 265
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Aug. 30, 2015 11:00 AM EDT Reads: 170
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
Aug. 30, 2015 10:30 AM EDT Reads: 433
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 30, 2015 10:30 AM EDT Reads: 872
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Aug. 30, 2015 10:15 AM EDT Reads: 223
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
Aug. 30, 2015 10:00 AM EDT Reads: 337
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Aug. 30, 2015 10:00 AM EDT Reads: 225
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Aug. 30, 2015 09:45 AM EDT Reads: 191