EmerGeo Receives Shareholder Approval of Private Placement with SIS
Vancouver, B.C. – January 17, 2012 – EmerGeo Solutions Worldwide Inc. (TSX-V: EMG) (“EmerGeo” or the “Company”), a leading provider of emergency management software and consulting services, is pleased to announce the results of its 2011 Annual and Special General Meeting held today. Re-elected to the board of directors of the Company are Allan Larmour, Bertram Cowan and Timothy Webb. Also elected to the board, subject to completion of the Company’s previously announced private placement with SAI InfoSystem (India) Ltd. (“SIS”) is Sunil Kakkad, the founder and principal of SIS.
The Company is also pleased to announce that at the meeting, it received disinterested shareholder approval of the private placement with SIS and the creation of a new control person of the Company.
SIS has completed the first tranche of the private placement in the amount of $200,000.00 and was issued 3,333,333 common shares of the Company. In the second tranche, subject to Exchange approval as well as other conditions of closing, SIS will subscribe for an additional 60,000,000 common shares at a price of $0.06 per common share for gross proceeds of $3,600.000.00. Concurrently with completion of the second tranche, SIS will complete the acquisition of 5,572,728 common shares of the Company held by four shareholders, including the founders of EmerGeo’s emergency management business.
Upon completion of the second tranche, SIS will become a control person of the Company and will hold 85% of the issued and outstanding common shares of the Company on an undiluted basis, and up to 80% of the common shares on a fully diluted basis.
EmerGeo develops emergency management software solutions and provides consulting services and support to government and industry around the world. EmerGeo’s Fusionpoint™ and emergency mapping applications are used to log, track and communicate critical information required by emergency and security personnel. By leveraging open web standards, EmerGeo’s software brings together data from dispatch, crisis management, mapping, camera and other third-party systems, providing a common operating picture. EmerGeo’s technology and people have been at the forefront of some of the world’s largest disasters and are proven effective in helping government and industry to mitigate against, prepare for, respond to and recover from potential or actual incidents, natural disasters, acts of terrorism, or pre-planned events.
On behalf of the Board of Directors
EMERGEO SOLUTIONS WORLDWIDE INC.
Rick MacDonald, CEO
For more information contact the Company at:
Telephone: (001) 604-681-0989
Facsimile: (001) 604-681-0079
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek Safe Harbor.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
Disclaimer. Certain of the statements made and information contained herein may contain forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Company’s intentions with respect to the development of its business. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information.
“Protecting People, Property & the Environment”