Versatile Completes Convertible Loan

Versatile Systems Inc. (TSX VENTURE:VV) ("Versatile" or the "Company") today
announced that, further to its news release of December 23, 2013, it has
completed the previously announced convertible loan with Bertrand des Pallieres
and SPQR Capital Holdings SA (the "Convertible Loan").


Mr. des Pallieres, a director and significant shareholder of the Company, and
SPQR Capital Holdings SA, a corporation controlled by Mr. des Pallieres,
(together, the "Lenders") have loaned the Company an aggregate of $648,820 in
the form of the Convertible Loan, bearing an interest rate of 14% per annum and
due two years from the date of advance. The principal of the Convertible Loan is
convertible at the option of the Lenders into common shares of the Company at a
conversion price as follows: (a) if the Company's previously announced 10 for 1
consolidation (the "Consolidation") has not been completed, at a conversion
price of $0.05 per share until the first anniversary of closing and $0.10 per
share thereafter; and (b) following completion of the Consolidation at a
conversion price of $0.35 per share (equal to $0.035 per share
pre-Consolidation). The variable conversion price is necessary to comply with
the $0.05 minimum price rules of TSX Venture Exchange. If the Consolidation is
completed and all of the principal of the Convertible Loan is converted, the
Company will be required to issue the equivalent of 18,537,714 pre-Consolidation
common shares to the Lenders. The Convertible Loan is secured by a general
security agreement under which the Company has granted the Lenders a security
interest over the assets of the Company. The Convertible Loan and any common
shares issued upon the conversion of the Convertible Loan, will be subject to a
4-month hold period from the date of the Convertible Loan. 


About Versatile

Versatile is a multi-disciplinary technology company with solutions across the
mobile, digital signage, IT infrastructure, software and hardware landscape. The
company's products are utilized by Fortune 500 companies, leading financial
institutions, large and small retail organizations. For more information please
visit www.versatile.com.


Forward-Looking Statements

This document may contain forward-looking statements relating to Versatile's
operations or to the environment in which it operates, which are based on
Versatile's operations, estimates, forecasts and projections. These statements
include the closing of the Rights Offering and the completion of the
Consolidation. 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. 


(C) 2013 Versatile Systems Inc. All rights reserved.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Versatile Systems Inc.
Kenny Kahn
Chief Executive Officer
(717) 620-2531
inquiries@versatile.com
www.versatile.com

Versatile Systems Inc. (TSXV:VV)
過去株価チャート
から 5 2024 まで 6 2024