Versatile Systems Inc. (TSX VENTURE:VV) (“Versatile” or the “Company”)
today announced the sale of 960,087 shares of Equus Total Return Inc. (“Equus”)
at a price of US$2.45 per share for gross proceeds of US$2,352,213.
Equus is a Houston-based publicly held private equity business
development company trading on the NYSE under the symbol EAQ. The shares
were held by Versatile’s indirect wholly owned subsidiary Mobiquity
Investments Limited (“MIL”).
Versatile had originally considered disposing of its investment in Equus
through a plan to distribute shares of its wholly owned subsidiary
Mobiquity Investments Corp. For various reasons, Versatile management
decided to sell the Equus shares and take the immediate cash proceeds
rather than move forward with the spin out.
“This transaction allows Versatile Systems management to concentrate on
core business technologies and growth strategies,” said Kenny Kahn,
chief executive officer, Versatile Systems.
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, and 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 are not guarantees of future performance
and involve risks and 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.
Copyright Business Wire 2014