Privinvest NRJuly 28, 2011 16:10 ET
Privinvest Holding SAL Completes Internal Corporate Reorganization
TORONTO, ONTARIO--(Marketwire - July 28, 2011) - Privinvest Holding SAL ("Privinvest SAL")announced that it has entered into an agreement with a company undercommon ownership and control with it, Privinvest Offshore SAL (Holding)("Privinvest Offshore"), as part of an internalcorporate reorganization pursuant to which Privinvest SAL will transfertitle to 12,012,500 common shares (the "Common Shares") in the capital of VendTek Systems Inc. ("VendTek"), $750,000 principal amount of 6% unsecured convertible redeemable debentures of VendTek (the "Debentures") and 585,000 common share purchase warrants of VendTek (the "Warrants")currently owned by Privinvest SAL to Privinvest Offshore. The transferof title is expected to be completed on or about July 28, 2011. As atthe date hereof, Privinvest Offshore does not currently own or exercisecontrol over any securities of VendTek.
After giving effect to the transfer of title noted above,Privinvest Offshore will own and exercise control over an aggregate of12,012,500 Common Shares, $750,000 principal amount of Debentures and585,000 Warrants, representing approximately 27.12% of the issued andoutstanding Common Shares (assuming the conversion of $750,000 principalamount of Debentures at a price of
.64 per share and the exercise ofall of the Warrants).
Privinvest Offshore will hold the Common Shares, Debenturesand Warrants for investment purposes only. Depending on market and otherconditions, Privinvest Offshore may from time to time in the futureincrease or decrease its ownership, control or direction over, orexercise its current rights to acquire, the Common Shares or othersecurities of VendTek, through market transactions, private agreementsor otherwise.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies of theTSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
Contact Information
Privinvest Offshore SAL (Holding)
Maitre MAROUN HADDAD
00961 3 684600
00961 4 860614 (FAX)
157 Marfaa - Rue 73, Saad Zaghloul Street, Solidere
Beirut, Lebanon, 201