|By Marketwired .||
|March 17, 2014 12:38 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/17/14 -- Remo Resources Inc. (the "Company" or "Remo") (TSX VENTURE: RER) announces that it has entered into a letter of intent dated March 14, 2014 for the Company to acquire all of the issued and outstanding securities of Identillect Technologies Inc. ("Identillect"), an arm's length party, by way of a three-cornered amalgamation or plan of arrangement (the "Acquisition").
Identillect is a privately held technology company, incorporated under the laws of Nevada, with operations in Orange County, California. Its controlling shareholder is its founder and Chief Executive Officer, Todd Sexton.
Identillect has a proprietary email encryption delivery technology targeted at organizations of all sizes, as well as individuals. Messages are secured with the click of a button, ensuring their safety while in transit. In addition, Identillect empowers senders to maintain control of their messages by restricting recipients' printing/forwarding/viewing privileges, as well securing all replies from the recipients, without requiring them to register.
Prior to the Acquisition, Remo will complete a 1.35:1 consolidation of its common shares. Pursuant to the Acquisition, Remo will issue an aggregate of 20 million post-consolidation common shares to the shareholders of Identillect in exchange for all of the issued and outstanding shares of Identillect. Up to an additional 5 million common shares of Remo will be issuable on the achievement of certain agreed revenue milestones during each of the two years following the closing, for a total of up to 10 million shares. Convertible securities of both companies will also be amended. Certain securities of the merged entities will also be subject to pooling agreements on terms to be agreed by the parties.
Concurrently with the proposed Acquisition, Remo intends to complete a private placement financing for proceeds of not less than $1,750,000 (the "Financing"), on terms to be agreed.
Following completion of the Acquisition, the Company's Board will be reconstituted to include Todd Sexton, the current President and CEO of Identillect; Jeff Durno, the current Chairman of Identillect; Mike Iverson, a current director of Identillect; and two other persons to be mutually agreed upon by the parties.
The Acquisition will constitute a Change of Business for the Company under the policies of the TSX Venture Exchange (the "Exchange"). The letter of intent does not obligate Remo to complete the Acquisition and closing of the Acquisition remains subject to a number of conditions, including the completion of satisfactory due diligence, the entering into of definitive agreements, the completion of the Financing, receipt of all required shareholder, regulatory and third party consents, including Exchange approval, and satisfaction of other customary closing conditions. The Acquisition cannot close until the required approvals are obtained. There can be no assurance that the Acquisition will be completed as proposed or at all. If required pursuant to Exchange Policy 2.2, the Company will retain a sponsor in connection with the Acquisition.
Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the Acquisition, any information released or received with respect to the Acquisition may not be accurate or complete and should not be relied upon. Trading in the securities of Remo should be considered highly speculative. Trading in the common shares of Remo will remain halted pending further filings with the Exchange.
Further details on the constitution of the new Board and management and any additional information required pursuant to the policies of the Exchange will be announced or disclosed in additional disclosure documents once finalized.
On behalf of the Board of Directors
REMO RESOURCES INC.
/s/ Stephen Kenwood
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes statements that constitute "forward-looking information". Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding the proposed consolidation, Acquisition and Financing, and the resumption of trading of the Company's common shares on the TSXV are subject to the conditions described in this news release and all of the risks and uncertainties normally incident to such transactions and events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking information in this news release. Such forward-looking information represents management's best judgment based on information currently available. The Company does not update forward-looking information, except as required by applicable laws.
Remo Resources Inc.
President, Chief Executive Officer, Corporate Secretary and
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
May. 3, 2016 04:15 PM EDT Reads: 796
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
May. 3, 2016 04:15 PM EDT Reads: 117
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 3, 2016 04:15 PM EDT Reads: 1,235
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...
May. 3, 2016 04:00 PM EDT Reads: 1,261
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...
May. 3, 2016 04:00 PM EDT Reads: 967
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
May. 3, 2016 03:58 PM EDT
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 3, 2016 03:45 PM EDT Reads: 1,048
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...
May. 3, 2016 03:30 PM EDT Reads: 1,157
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
May. 3, 2016 03:15 PM EDT Reads: 1,039
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...
May. 3, 2016 03:15 PM EDT Reads: 1,136
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...
May. 3, 2016 03:15 PM EDT Reads: 642
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...
May. 3, 2016 03:15 PM EDT Reads: 1,139
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
May. 3, 2016 02:30 PM EDT Reads: 928
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...
May. 3, 2016 02:30 PM EDT Reads: 911
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...
May. 3, 2016 02:00 PM EDT Reads: 1,176