|By Marketwired .||
|May 15, 2014 09:57 PM EDT||
CARLSBAD, CALIFORNIA -- (Marketwired) -- 05/15/14 -- Pacific Vector Holdings Inc. (TSX VENTURE: PVH) (the "Company") is providing this corporate update and the bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Defaults ("NP 12-203"). On May 1, 2014 the Company disclosed in the default notice (the "Default Notice") that, for reasons disclosed in the Default Notice, there would be a delay in the filing of its annual financial statements, accompanying Management Discussion and Analysis and related CEO and CFO certifications of annual filings for the financial year ended January 7, 2014 (collectively, the "Required Filings").
As a result of this delay in filing the Required Filings, a management cease trade order was granted to the Company. The MCTO restricts all trading on the securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company until such time as the Required Filings have been filed by the Company. The MCTO does not affect the ability of all other shareholders who are insiders of the Corporation to trade their securities.
Below is the update on the status of the financing and a corporate update.
The Company received agreements from existing debt and payable holders to convert US$6,959,587, in existing amounts outstanding, to equity at the rate of CDN$0.12 per common share. Of the total amount, holders of $3,121,667 have signed the agreements and holders of an additional $3,837,920 have verbally agreed to execute the agreements that have been provided. The result would be the issuance of an additional 63,796,212 common shares and the elimination of $6,959,587 in debt and payables. The Company has approached debt holders holding an additional US$1,267,745 with the same conversion opportunity. The elimination of this debt is the first step in a comprehensive plan to improve the Company's balance sheet. The conversion is subject to additional financing and the approval of the TSX Venture Exchange.
The Company has had additional meetings with interested investors in Toronto. The Company received verbal agreements for convertible debt financing of $2.5 million with a closing in 10 to 15 business days. The financing will include an annual interest rate of 10% and will allow for the conversion, at the option of the holder, into common shares of the Company at the existing market price. The financing is subject to the completion of the legal documents and the approval of the TSX Venture Exchange.
The Company continues to have discussions with interested equity investors to raise an additional $3 million to $5 million in equity.
The Company also received an un-solicited offer for the purchase of all of the assets of Reno Wilson Inc. (Gatorz Eyewear). The Company subsequently ran a process which attracted an additional 3 offers for the purchase of Gatorz assets. The board approved an initial offer and the interested party has completed its due diligence. The updated offer and negotiations provide for an asset purchase agreement with gross proceeds of approximately $1.2M which is subject to fluctuations based on the value of the inventory and accounts receivable. The purchaser has completed the first draft of the legal agreements and the Company expects to close the sale of the Gatorz assets with 15 days.
The Company is also looking for an immediate bridge of US$300,000 to allow it to make imminent payments related to operations and costs associated with the financings and the sale of Gatorz assets. This should provide the Company the working capital necessary to close the transactions noted above.
The Company also closed an additional 4 under-performing Ryderz Compound retail locations. The Company continues to have 16 retail locations in operation. Combined with the announcement on March 25, 2014, the company has now closed 18 under-performing stores and is focusing on reducing its geographic dispersion of stores.
As a result of the store closings the Company has eliminated 14 head office positions and certain management personnel have agreed to take temporary salary reductions. The total cost savings generated from the head office reductions is $722,000 annually.
About Pacific Vector
Pacific Vector is a premier action sports retail and consumer brands company. www.pacificvector.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Pacific Vector assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Pacific Vector.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Oct. 28, 2016 04:00 PM EDT Reads: 3,874
SYS-CON Events announced today that Cloudbric, a leading website security provider, 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. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
Oct. 28, 2016 03:15 PM EDT Reads: 1,380
SYS-CON Events announced today that Impiger Technologies will exhibit in Booth #109 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. Impiger Technologies is a world-class, enterprise software product engineering company specializing in Mobile Application Development, Cloud Applications, Microsoft Technology Solutions, Web Technology and Telecom Services. Impiger Technologies helps enterprises improve busi...
Oct. 28, 2016 03:00 PM EDT Reads: 426
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service.
Oct. 28, 2016 02:30 PM EDT Reads: 1,249
SYS-CON Events announced today that Cemware 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. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
Oct. 28, 2016 02:15 PM EDT Reads: 1,018
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Oct. 28, 2016 02:15 PM EDT Reads: 4,021
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
Oct. 28, 2016 02:00 PM EDT Reads: 2,951
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Oct. 28, 2016 02:00 PM EDT Reads: 4,700
SYS-CON Events announced today that MathFreeOn 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. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
Oct. 28, 2016 02:00 PM EDT Reads: 1,219
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 ...
Oct. 28, 2016 01:45 PM EDT Reads: 1,719
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Oct. 28, 2016 01:30 PM EDT Reads: 5,180
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Oct. 28, 2016 01:15 PM EDT Reads: 754
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 28, 2016 01:15 PM EDT Reads: 8,655
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Oct. 28, 2016 01:00 PM EDT Reads: 2,419
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Oct. 28, 2016 01:00 PM EDT Reads: 790