Operational update regarding the current RTO transaction with offshore oil supply base company SIM Co. Ltd.
Vancouver, Canada, January 11, 2019 --(PR.com)-- Verisante Technology Inc. (TSXV: VRS) is pleased to announce that on October 9, 2018, the company held an AGM and Special meeting of the shareholders where the shareholders of the company approved the proposed reverse takeover transaction with SIM Co. Ltd. The shareholders also re-appointed the company’s auditors, Fernandez Young LLP, and voted for the directors of the company to serve until the next AGM.
Verisante continues to work towards completing the reverse takeover with SIM Co. Ltd. Work on the consolidated financial statements has been completed for 2017 and the company is working to complete the 2018 statements.
SIM Co. Ltd. continues to work on the preliminary conceptual design and surveys of the proposed oil and gas offshore supply base ("OSB"). Mr. Aung is the President of SIM Co. Ltd. He is working on the project in Myanmar and is travelling throughout the region for meetings with potential customers and engineering, construction and finance companies who are interested in building the OSB and supplying some of the required financing.
About the RTO:
Verisante has a signed a definitive agreement with SIM Co. Ltd. and its shareholders to acquire all of the issued and outstanding shares of SIM Co. Ltd. SIM is developing an offshore supply base to service the oil and gas industry off the coast of Myanmar.
According to the international property valuation by licensed consultants from the USA and Japan, provided to VRS by SIM, SIM has an asset value of US$39 million from its 184 acres of ocean front land and the issued government permit to develop and operate an OSB for 30 years. Currently, SIM has no liabilities or revenues.
The proposed arm's length acquisition (the "Acquisition") is subject to customary conditions, including exchange acceptance. Upon completion of the Acquisition the issuer will be an Emerging Market Issuer, and will seek to meet the requirements as an Industrial Issuer, as defined in Exchange Policy 2.10. The issuer will be operating an OSB that will provide support facilities such as cranes, lifting equipment, warehouses, waste management and other support services to oil and gas companies operating in the region. This will constitute a Change of Business ("COB") and a Reverse Takeover ("RTO") as defined by TSXV Policy 5.2. Please see the company’s announcement dated July 9, 2018, for more information about Myanmar and the proposed OSB.
Verisante continues to seek out strategic partners to take over the development of the Raman technology for cancer detection as the Company moves forward in completing the RTO with SIM.
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and minimum capital requirements. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Verisante Technology, Inc. should be considered highly speculative. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Thomas Braun, CEO
Verisante Technology, Inc.
Forward Looking Statements:
This release contains forward-looking statements, including, but not limited to, statements regarding the future development of a logistics and transportation support business, and the valuation of real estate assets, all of which statements are subject to market risks, and the possibility that the Company will not be able to execute its business plan or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.
Verisante Technology Inc.
Thomas Braun, CEO
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