Versatile Systems Inc.
TSX VENTURE : VV
AIM : VVS

Versatile Systems Inc.

June 21, 2010 03:30 ET

Versatile Directors Appointed to Board of Equus Total Return, Inc.

Versatile commences private equity activities via Mobiquity subsidiary

VANCOUVER, CANADA--(Marketwire - June 21, 2010) -

All amounts are expressed in U.S. dollars unless otherwise stated.

Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), announces that Alessandro Benedetti, Bertrand des Pallieres, John Hardy and Fraser Atkinson have been elected to the Board of Directors of Equus Total Return, Inc. which is a public company trading on the NYSE under the symbol EQS (the "Fund").

In 2009 Versatile founded Mobiquity Investments Limited ("Mobiquity") as a subsidiary of Versatile, to engage in private equity activities. "The core strength of our Board of Directors, in particular Alessandro Benedetti and Bertrand Des Pallieres, is in banking and private equity activities," said John Hardy, Chairman and CEO of Versatile. "For that reason we have undertaken these activities. As we move forward, this diversification should be for the benefit of Versatile's shareholders and should mitigate the effects of the current slowdown in technology spending."

Mobiquity began acquiring shares of the Fund in late September 2009, and by the end of February 2010 had accumulated 822,031 shares of the Fund. Currently Mobiquity is the single largest shareholder of the Fund, holding 9.28%. In early January 2010 Mobiquity approached the Fund's Board of Directors seeking representation on the Board. A majority of the Fund's Board of Directors agreed with Mobiquity's request, and on April 13, 2010, the Fund filed a definitive Proxy statement with the Securities and Exchange Commission to, among other things, solicit shareholders of the Fund to vote in favor of the Nominees in connection with the Fund's 2010 Annual Meeting, which was held on May 12, 2010.

On April 14, 2010 Mobiquity filed a Schedule 13D/A (Amendment No. 1) with the Securities and Exchange Commission and reported that the Fund had agreed to nominate Alessandro Benedetti, Bertrand des Pallieres, John Hardy and Fraser Atkinson, as directors of the Fund (the "Nominees") and to support the election of the Nominees at the Fund's Annual Meeting. Shortly thereafter Sam Douglass, then a Director of Equus and one of the founders of the Fund, who disagreed with the majority's decision, filed a Proxy nominating an alternative slate of Directors, triggering a lengthy Proxy battle.

On May 20, 2010 the Inspector of Elections who attended the Annual Meeting of the Fund certified that Alessandro Benedetti, Bertrand des Pallieres, John Hardy and Fraser Atkinson, had been elected to the Board of Directors of Equus.

On June 9, 2010 the Fund announced that John Hardy had been appointed the Executive Chairman of the Fund, and that Fraser Atkinson had been appointed Chairman of the Fund's Audit Committee.

"Our goal is to effect positive change at the Fund for the benefit of all the Fund's shareholders," said John Hardy, Chairman and CEO of Versatile.

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. 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.

© 2010 Versatile Systems Inc. All rights reserved.

The TSX Venture Exchange and the AIM market of the London Stock Exchange have not reviewed and do 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
    or
    NCB Stockbrokers Limited (Nominated Adviser)
    Christopher Caldwell or Barclay Clibborn
    +44 (0) 20 7071 5200