2013-11-01 01:11:03 -
VANCOUVER, CANADA -- (Marketwired) -- 11/01/13 -- Versatile Systems Inc. (TSX VENTURE:VV) announces that the shareholders have passed a special resolution approving the spin out of Mobiquity Investments Corp. ("Mobiquity"). A total of 75,954,231 votes were cast in favour of the transaction (98.88%) and 861,725 shares were cast against the transaction (1.12%).
Previously, the Company entered into an Arrangement Agreement with its wholly-owned subsidiary Mobiquity. Under the Arrangement Agreement, Versatile and Mobiquity have agreed to undertake a plan of arrangement (the "Spin-out Transaction") under which the shares of Mobiquity will be distributed to Versatile shareholders. Existing Versatile shareholders will receive the same percentage interest in Mobiquity as they presently hold in Versatile such that, following the completion of the transaction, shareholders will hold shares in both Versatile and Mobiquity. Mobiquity, through its U.S. subsidiary, holds 970,087 shares of Equus, which is a public company trading on the NYSE under the symbol EQS.
The completion of the Spin-out Transaction remains subject to a number of conditions precedent, including the approval of the Supreme Court of British Columbia, the approval of the TSX Venture Exchange, and the listing of the common shares of Mobiquity on the CNSX. The Company will continue to work towards satisfaction of the remaining conditions precedent prior to seeking the final approval of the Supreme Court of British Columbia and will provide updates when available.
Further details regarding the Arrangement are set out in the Company's notice of special meeting and information circular dated September 27, 2013, which is available at www.sedar.com.
Versatile provides business solutions that enable companies to improve sales, marketing and distribution of their products. Versatile also provides information technology services for the implementation, maintenance and security of mission-critical computer environments. Versatile has the ability to architect solutions involving both proprietary and third party components. For more information go to www.versatile.com.
This document may contain forward-looking statements relating to Versatile' s operations or to the environment in which it operates, including the Company's ability to complete the Spin-out Transaction, which are based on Versatile' s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile' s control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward- looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Versatile Systems Inc.
1-800-262-1633 or International: 001-206-979-6760
Versatile Systems Inc.
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