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
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...