Coltrane Technologies Inc.

March 04, 2015 15:51 ET

Coltrane Technologies Inc. Announces Name Change to Data Deposit Box Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 4, 2015) - Coltrane Technologies Inc. (the "Company") is pleased to announce that it has changed its name to Data Deposit Box Inc., effective March 3, 2015.

The name change is in connection with a proposed amalgamation transaction (the "Amalgamation"), which was previously announced by the Company in its press release dated November 24, 2014. In accordance with an amalgamation agreement (the "Amalgamation Agreement") dated November 17, 2014, among the Company, Acpana Business Systems Inc. ("Acpana") and 2441043 Ontario Inc. ("Subco"), a subsidiary of the Company, the Amalgamation would result in the amalgamation of Acpana and Subco to form "Amalco", which would be a wholly owned subsidiary of the Company. Each shareholder of Acpana and Subco will be entitled to receive one (1) common share (a "Common Share") of the Company for every one (1) common share of Acpana or common share of Subco, as applicable, held by such shareholder. In addition, each holder of a warrant of Acpana and each holder of a warrant or a broker warrant of Subco will receive an equal number of warrants or broker warrants of the Company, as applicable.

In connection with the Amalgamation, Subco has completed a series of private placements, and will close one final tranche immediately prior to the Amalgamation, (collectively, the "Private Placements") for gross proceeds of approximately CDN$2.7 million. In addition, Subco will pay certain commissions to eligible persons equal to 8% of the gross proceeds of the Private Placements raised by such persons, and issue such number of broker warrants equal to up to 8% of the number of securities issued pursuant to the Private Placements.

In accordance with the Amalgamation Agreement, Acpana subdivided its common shares on a six (6) post-consolidated common shares for one (1) pre-consolidation common share (the "Subdivision"), effective on March 2, 2015 resulting in Acpana having 16,524,408 common shares outstanding. The Amalgamation and the Subdivision were approved by the requisite two-thirds majority of the votes cast by shareholders at the special meeting of Acpana shareholders held on November 28, 2014.

The final tranche of the Private Placement and the Amalgamation are expected to be completed within the coming weeks.

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

Shares Outstanding: 1,019,000

Contact Information