Welcome!

News Feed Item

Five Nines Ventures Ltd. Announces Debts Settlements and Shareholder Approval and Final Court Order for Plan of Arrangement

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/09/14 -- Five Nines Ventures Ltd. (the "Company" or "Five Nines") (CSE:FIV) is pleased to announce that on December 31, 2013, the Company settled a total debts of $148,550 by issuing 7,427,500 common shares of the Company at a deemed value of $0.02 per share, of which 4,427,500 common shares were issued to a director of the Company. After the debts settlement, the Company has 24,336,668 common shares outstanding as of December 31, 2013.

The Company is also pleased to announce that the Company's Special Meeting (the "Meeting") held on December 10, 2013, the Five Nines shareholders unanimously voted in favour of the special resolution approving the announced spin-off of CanPac Investments Corp. ("CanPac"), 0981609 B.C. Ltd. ("BC0981609"), 0981624 B.C. Ltd. ("BC0981624") and 0981628 B.C. Ltd. ("BC0981628"), wholly owned subsidiaries of Five Nines. The spin-off will be effected by way of a plan of arrangement (the "Arrangement"), subject to among other things, completion of all regulatory filings.

The Company has on December 19, 2013 obtained a final order from the Supreme Court of British Columbia to the implementation of the Arrangement. The Company is pleased to announce that it will be implementing the approved spin-off of CanPac, BC0981609, BC0981624 and BC0981628 to Five Nines shareholders of record on December 31, 2013 (the "Share Distribution Record Date"). The CanPac, BC0981609 and BC0981624 shares will be distributed to Five Nines shareholders first, expected to be in the week of April 14, 2014, with Five Nines holding the BC0981628 shares on behalf of Five Nines shareholders until a later announced date. No action is required by Five Nines shareholders in order to receive shares of CanPac, BC0981609 and BC0981624. Five Nines shareholders will retain their Five Nines share certificates. Shareholders entitled to receive CanPac, BC0981609 shares and BC0981624 shares will receive a DRS advice reflecting their ownership of CanPac, BC0981609 shares and BC0981624 shares, respectively, or their brokerage account will be credited with the shares.

Spin-off of three wholly owned subsidiaries:


--------------------------------------------------------------------------
Five Nines Ventures Ltd.                                                  
(24,336,668 shares as of                                        Total fair
 record date)                                                     value of
Subsidiaries (1 share for      Transfer from     Assignment:   transferred
 every 10 Five Nines shares      Five Nines:         LOIs or    assets per
 held)                                  Cash  Business Model    subsidiary
--------------------------------------------------------------------------
CanPac                                                                    
(2,433,667 Distributed                                                    
 Shares)                           $5,000.00           $1.00     $5,001.00
--------------------------------------------------------------------------
BC0981609                                                                 
(2,433,667 Distributed                                                    
 Shares)                           $5,000.00           $1.00     $5,001.00
--------------------------------------------------------------------------
BC0981624                                                                 
(2,433,667 Distributed                                                    
 Shares)                           $5,000.00           $1.00     $5,001.00
--------------------------------------------------------------------------
BC0981628                                                                 
(2,433,667 Distributed                                                    
 Shares)                           $5,000.00           $1.00     $5,001.00
--------------------------------------------------------------------------
Aggregate Fair Market Value (Total)                                       
(Aggregate Paid-up Capital - 24,336,668 Five Nines Preferred              
 Shares)                                                        $20,004.00
--------------------------------------------------------------------------

Pursuant to the Arrangement, shareholders of Five Nines will receive 1 CanPac Share, 1 BC0981609 Share, 1 BC0981624 Share and 1 BC0981628 Share for every 10 Five Nines Shares they hold as of record date of December 31, 2013.

The redemption price of the Five Nines Class A Preferred Shares per share is equal to $20,004/24,336,668 shares and the paid up capital of these Five Nines Class A Preferred Shares per share is equal to $20,004/24,336,668 shares. Therefore, every 10 shares of the Five Nines Preferred Shares redeemed will result a distribution of 1 CanPac Share, 1 BC0981609 Share, 1 BC0981624 Share and 1 0981628 Share to each shareholder. Thus, the Adjusted Cost Base for the Distributed Shares for each of the subsidiaries will equal to the total fair value of assets transferred in divided by the total number of Distributed Shares (ie: $5,001/2,433,667 shares or $0.002055 per share). As a result, shareholders receiving the CanPac Shares, BC0981609 Shares, BC0981624 Shares and BC0981628 Shares should not experience any capital gain on redemption of the Five Nines Class A Preferred Shares. However, shareholders should seek their own professional advice in order to determine the amount of capital gain, if any, they may experience on redemption of the Five Nines Class A Preferred Shares.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

Contacts:
Five Nines Ventures Ltd.
David Zamida
President & Director
250-999-9519

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
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
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 business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.