Versatile Systems Inc. (“Versatile”) (TSX VENTURE:VV) announces that it
has sold all of the shares of its wholly owned U.S. subsidiary Versatile
Systems, Inc (“VSI”) to BigR.io, LLC (“BigR.io”), based in Boston, Mass.
VSI, which is based in Mechanicsburg, Pa., carried on Versatile’s Value
Added Reseller operations. The purchase price will be paid to Versatile
over time based on an earn-out formula.
"The sale of our VAR business allows Versatile to focus our resources
and investment on our credit, mobile and technology services
businesses,” said Bertrand des Pallieres, Versatile’s executive chairman.
BigR.io has advised Versatile that it intends to keep the VSI VAR based
in Mechanicsburg, Pa., to fully support the large base of customers in
the central Pennsylvania marketplace.
“Now BigR.io will be able to offer a one-stop shop for CTOs,” said Scott
Cohen, managing partner of BigR.io. “The addition of third-party
hardware and software solutions to our suite of Big Data consulting,
software development and outsourcing services broadens our ability to
fully support our enterprise and government customers.”
Versatile also announces that it has completed a refinancing with its
primary lender, MidPenn Bank, based in Harrisburg, Pa. The refinancing
was structured in a manner that optimizes Versatile’s opportunity for
growth, based upon the flexible nature of the financing structure
MidPenn provided.
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. Such statements include that the purchase price will be
paid over time based on an earn-out formula. There is no guarantee that
the earn-out conditions will be met and that any purchase price will be
paid to Versatile. 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.
Copyright Business Wire 2014