Welcome!

News Feed Item

Bertrand Des Pallieres and SPQR Capital Holdings SA Acquire Interest in Versatile Systems Inc.

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.

Contacts:
Bertrand Des Pallieres
Via Campo Marzio 1
Stabile Vogue
CH-6900 Lugano
Switzerland
+44 773 999 0991

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busi...
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...