Versatile Systems Inc.
TSX VENTURE : VV
AIM : VVS

Versatile Systems Inc.

October 05, 2009 18:16 ET

Versatile Announces Investment in Equus

VANCOUVER, CANADA--(Marketwire - Oct. 5, 2009) - Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), announces that the Company, through a wholly owned U.S. subsidiary (the "Reporting Persons"), has acquired an 8.3% position in Equus Total Return, Inc. (NYSE:EQS)(the "Fund") for U.S. $2.4 million.

The Company filed a Schedule 13D today with the U.S. Securities and Exchange Commission and under item 4 for the "Purpose of Transaction" stated:

The Reporting Persons purchased the shares of Common Stock reported herein based on the Reporting Persons' belief that the Common Stock at current market prices are undervalued and represent an attractive investment opportunity. Depending upon overall market and general economic conditions, other investment opportunities available to the Reporting Persons, the market prices of the shares of Common Stock of the Fund (the "Securities"), the business affairs and financial condition of the Fund and other factors deemed relevant to the Reporting Persons, the Reporting Persons may endeavor to increase or decrease their position in the Fund through, among other things, the purchase or sale of Securities in the open market or in private transactions, including the purchase of Securities through a tender offer or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

It is anticipated that the Reporting Persons may, from time to time, have discussions with management, the board of directors, and other stockholders of the Fund. The Reporting Persons intend to monitor and evaluate the Fund's business, corporate governance and financial performance, to monitor efforts by management to increase stockholder value and to be available to management to the extent that the Fund may benefit from the institutional experience of the Reporting Persons. The Reporting Persons also may seek in the future to have one or more representatives appointed or elected to the board of directors of the Fund or to propose other matters for consideration and approval by the Fund's stockholders or board of directors. The Reporting Persons also may decide in the future to propose a transaction whereby all or a portion of the Fund be sold, and in connection therewith the Reporting Persons may seek to participate in such transaction or seek to acquire control of the Fund in a negotiated transaction or otherwise. If it or its affiliates should acquire control of the Fund, it or its affiliates may transfer all or part of the Fund to affiliated or unaffiliated persons.

None of the Reporting Persons currently has other plans or proposals that relate to or would result in any of the consequences listed in paragraphs (a) through (j) of Item 4 of the Special Instructions for complying with Schedule 13D except as set forth herein or such as would occur upon completion of the actions discussed above.

About Versatile

Versatile provides business solutions that enable companies to improve sales, marketing and distribution of their products. Versatile also provides information technology services for the implementation, maintenance and security of mission-critical computer environments. Versatile has the ability to architect solutions involving both proprietary and third party components. For more information: 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. This document may also contain forward looking statements relating to Versatile's intentions with respect to Equus, which are based on Versatile's current strategy. These statements are not guarantees of future activity or 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 forwardlooking 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.

(C) 2009 Versatile Systems Inc. All rights reserved.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Versatile Systems Inc.
    John Hardy
    Chairman and CEO
    1-800-262-1633 or International: 001-206-979-6760
    or
    Versatile Systems Inc.
    Fraser Atkinson
    CFO
    1-800-262-1633
    www.versatile.com