| Home : January 17 2014 Computer News : Bertrand Des Pallieres and SPQR Capital Holdings SA Acquire Interest in Versatile Systems Inc. |
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Bertrand Des Pallieres and SPQR Capital Holdings SA Acquire Interest in Versatile Systems Inc. |
January 17, 2014
LUGANO, SWITZERLAND--(Marketwired - Jan. 17, 2014) - Bertrand des Pallieres announces that he has completed a loan to Versatile Systems Inc. (the "Issuer") of $389,293 (the "des Pallieres Loan"). SPQR Capital Holdings SA ("SPQR"), a corporation controlled by Mr. des Pallieres, has concurrently completed a loan to the Issuer of $259,527 (the "SPQR Loan"). The des Pallieres Loan and the SPQR Loan (collectively, the "Loans") bear an interest rate of 14% per annum and mature two years from the date of advance. The principal of the Loans is convertible at the option of Mr. des Pallieres and SPQR into common shares of the Issuer ("Common Shares") at a conversion price as follows: (a) if the Issuer's previously announced 10 for 1 consolidation (the "Consolidation") has not been completed, at a conversion price of $0.05 per share until the first anniversary of advance and $0.10 per share thereafter; and (b) following completion of the Consolidation, at a conversion price of $0.35 per share (equal to $0.035 per share pre-Consolidation). The Loans represent 100% of the convertible loans of the Issuer.
Link: http://www.marketwired.com/mw/release.do?id=1870249&sourceType=3
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