VANCOUVER, CANADA--(Marketwired - Jun 26, 2013) - Versatile Systems Inc. (TSX VENTURE:VV), announces that the Board of Directors has formally approved the disposition of the Company's investment in Equus Total Return, Inc. ("Equus"). The disposition is by way of a spin-out of the shares of the Company's wholly owned subsidiary, Mobiquity Investments Corp. ("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. In the most recently completed financial statements as at March 31, 2013 the Company recorded the investment in Equus at $2,002,693.
The transaction is contemplated to proceed by way of a plan of arrangement (the "Spin-out Transacton") 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.
The completion of the Spin-out Transaction is subject to, among other things, confirming the final structure and terms of the arrangement agreement to be entered into with Mobiquity, shareholder and Court approval and other regulatory approvals, including TSX Venture Exchange acceptance of the Spin- out Transaction. Versatile is targeting the fall of this year for completion of the Spin-out Transaction. Further particulars will be announced in due course by news release.
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. All amounts are expressed in U.S. dollars unless otherwise stated. © 2013 Versatile Systems Inc. All rights reserved.