GridSense Systems Inc.

GridSense Systems Inc.

June 18, 2009 12:33 ET

GridSense Completes Transfer of Assets and Sale of Control

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 18, 2009) - GridSense Systems Inc. ("GridSense" or the "Company") (TSX VENTURE:GSN) announced today that it has completed a transaction, previously announced on October 17, 2008, involving the transfer of all of the shares in its operating subsidiaries, CHK GridSense Pty. Ltd. (Australia) and GridSense Inc. (California) (together, the "Subsidiaries"), to GridSense Proprietary Limited ("GPL"), a private entity owned by certain management and other significant shareholders (the "Management Shareholders") of the Company. In consideration for the shares of the Subsidiaries, GPL assumed all of the liabilities of the Company. Closing of the transaction was effective June 15, 2009.

Concurrent with the transfer of the shares of the Subsidiaries, the Management Shareholders sold their stake in the Company, being approximately 51.9% of the Company's issued and outstanding shares, to a newly incorporated British Columbia entity ("Newco") and its nominees.

With the completion of the asset transfer, the shareholder group represented by Newco proposes to cause the Company to effect the up to 10 (old) for 1 (new) share consolidation, and the change of the Company's name to "Joss Ventures Inc." or such other name as may be approved by the directors of the Company in their sole discretion and is acceptable to the applicable regulatory authorities, both of which were approved at the special meeting of shareholders of the Company held on February 19, 2009. A 10 for 1 share consolidation would result in the number of issued and outstanding shares of the Company being reduced from 67,098,671 common shares without par value to 6,709,867 common shares without par value. The share consolidation is subject to TSX Venture Exchange approval.

Neither 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.

Contact Information

  • GridSense Systems Inc.
    Alphonse Plaktis
    Chief Financial Officer