TORONTO, ONTARIO--(Marketwire - Dec. 24, 2012) - Chrysalis Capital VIII Corporation (TSX VENTURE:ETE.P) ("Chrysalis VIII" or the "Corporation") is pleased to announce that it has filed a final non-offering prospectus dated December 21, 2012 with the securities commissions in Ontario, British Columbia and Alberta in connection with its previously announced proposed qualifying transaction (the "Transaction") with Fresco Microchip Inc. ("Fresco") and RedMere Technology Limited ("RedMere").
Under the terms of the definitive acquisition agreement dated July 12, 2012, the Corporation will acquire all of the issued and outstanding shares in the capital of RedMere and Fresco. Upon completion of the Transaction, the Corporation will be the "resulting issuer" with each of RedMere and Fresco becoming a wholly-owned or indirect subsidiary of the Corporation. The Transaction is currently scheduled to close in January, 2013. Following closing of the Transaction, the Corporation intends to change its name to "Spectra7 Microsystems Inc.".
ABOUT CHRYSALIS CAPITAL VIII CORPORATION
Chrysalis Capital VIII Corporation is The Chrysalis Capital Group Inc.'s ("TCCG") eighth capital pool company ("CPC"). TCCG is entirely focused on generating superior shareholder returns through the creation of a series of unique CPCs. To date, TCCG has created eight Chrysalis branded CPCs and has assisted in the creation of four additional CPCs under TCCG's partners program. For more information about TCCG, please visit www.tccg.ca.
ABOUT FRESCO MICROCHIP INC.
Fresco is a leader in RF, analog and digital semiconductors. The company's products deliver Value Through Innovation by offering significantly lower system solution costs at optimal performance. Fresco's patent-pending technology transcends a broad range of consumer devices creating a fundamental paradigm shift in the television market. Fresco's customers include top tier tuner manufacturers who supply leading consumer electronic brands.
Fresco is currently a private company with lead investors Celtic House Venture Partners and Ventures West Capital Ltd. The company is headquartered in Toronto, Canada with design centers both in head office and Irvine, California.
ABOUT REDMERE TECHNOLOGY LIMITED
RedMere provides complete active-cable solutions to cable industry leaders and manufacturing partners. In a world where connection speed increases, RedMere enables easy to use, high quality, smart connectivity for The Home, On the Move and The Office.
These new active cable systems deliver the ultimate in compact digital connectivity over HDMI, DisplayPort and USB for Video and Still Cameras, Smartphones, HDTV, Blu-Ray DVD, PS3 and Xbox, as well as enterprise solutions using Infiniband and PCI Express.
RedMere is currently a private company with lead investors Celtic House Venture Partners and EdgeStone Capital Partners. The company is headquartered in Cork, Ireland.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange ("TSX-V") acceptance. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the prospectus to be prepared in connection with the Transaction, any information released or received with respect to the proposed transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a CPC should be considered highly speculative.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
The TSX-V has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.