TORONTO, ONTARIO--(Marketwired - Nov 26, 2015) - Ellipsiz Communications Ltd. (formerly NXA Inc.) (TSX VENTURE:ECT) (the "Company") is pleased to announce that it has completed all conditions to listing and has commenced trading on the TSX Venture Exchange (the "Exchange") under the ticker symbol "ECT". The Company is proud to be the first successful listing of an emerging market issuer following the formal introduction of the Exchange's Policy 2.10 - Listing Of Emerging Market Issuers.
On November 4, 2015, the Company completed the previously announced acquisition (the "Transaction") of Ellipsiz Communications Ltd. ("ECBVI"), a British Virgin Island corporation that owned all of the outstanding shares of its operating subsidiary Ellipsiz Communications Taiwan Ltd. ("ECTW"), a private company incorporated under the laws of Taiwan. In connection with the Transaction and completion of all conditions to listing on the Exchange, 70% of the gross proceeds of the previously announced private placement of ECBVI, in the amount of US$869,330, which were previously held in escrow pending receipt of final Exchange approval for the Transaction, have been released from escrow.
In addition, in connection with the Transaction, on November 26, 2015, the Company paid a stated capital distribution in the amount of $40,000 to shareholders of the Company of record on September 21, 2015 (the "Distribution"). Further details regarding the Transaction and the Distribution are contained in the press releases of the Company dated September 22, 2015, October 30, 2015 and November 5, 2016 and the management information circular of the Company dated September 21, 2015, which are accessible on SEDAR.
About Ellipsiz Communications Ltd.
The Company, through its indirect operating subsidiary, ECTW, focuses on setting up operations support systems ("OSS"), being systems which control and monitor network activities, for many communication service providers, including mobile network providers, fixed line telephone operators, cable operators and internet service providers (ISPs) in Taiwan. ECTW tailors a unique solution for each client depending on its particular needs, which involves setting up, customizing and integrating a combination of third party hardware and OSS software.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.