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
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
"Calligo is a cloud service provider with data privacy at the heart of what we do. We are a typical Infrastructure as a Service cloud provider but it's been designed around data privacy," explained Julian Box, CEO and co-founder of Calligo, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
You want to start your DevOps journey but where do you begin? Do you say DevOps loudly 5 times while looking in the mirror and it suddenly appears? Do you hire someone? Do you upskill your existing team? Here are some tips to help support your DevOps transformation. Conor Delanbanque has been involved with building & scaling teams in the DevOps space globally. He is the Head of DevOps Practice at MThree Consulting, a global technology consultancy. Conor founded the Future of DevOps Thought Leade...
Jo Peterson is VP of Cloud Services for Clarify360, a boutique sourcing and benchmarking consultancy focused on transforming technology into business advantage. Clarify360 provides custom, end-to-end solutions from a portfolio of more than 170 suppliers globally. As an engineer, Jo sources net new technology footprints, and is an expert at optimizing and benchmarking existing environments focusing on Cloud Enablement and Optimization. She and her team work with clients on Cloud Discovery, Cloud ...
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.
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
Everyone wants the rainbow - reduced IT costs, scalability, continuity, flexibility, manageability, and innovation. But in order to get to that collaboration rainbow, you need the cloud! In this presentation, we'll cover three areas: First - the rainbow of benefits from cloud collaboration. There are many different reasons why more and more companies and institutions are moving to the cloud. Benefits include: cost savings (reducing on-prem infrastructure, reducing data center foot print, redu...
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
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?
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.