Privinvest Holding SAL

July 28, 2011 16:10 ET

Privinvest Holding SAL Completes Internal Corporate Reorganization

TORONTO, ONTARIO--(Marketwire - July 28, 2011) - Privinvest Holding SAL ("Privinvest SAL") announced that it has entered into an agreement with a company under common ownership and control with it, Privinvest Offshore SAL (Holding) ("Privinvest Offshore"), as part of an internal corporate reorganization pursuant to which Privinvest SAL will transfer title to 12,012,500 common shares (the "Common Shares") in the capital of VendTek Systems Inc. ("VendTek"), $750,000 principal amount of 6% unsecured convertible redeemable debentures of VendTek (the "Debentures") and 585,000 common share purchase warrants of VendTek (the "Warrants") currently owned by Privinvest SAL to Privinvest Offshore. The transfer of title is expected to be completed on or about July 28, 2011. As at the date hereof, Privinvest Offshore does not currently own or exercise control over any securities of VendTek.

After giving effect to the transfer of title noted above, Privinvest Offshore will own and exercise control over an aggregate of 12,012,500 Common Shares, $750,000 principal amount of Debentures and 585,000 Warrants, representing approximately 27.12% of the issued and outstanding Common Shares (assuming the conversion of $750,000 principal amount of Debentures at a price of $0.64 per share and the exercise of all of the Warrants).

Privinvest Offshore will hold the Common Shares, Debentures and Warrants for investment purposes only. Depending on market and other conditions, Privinvest Offshore may from time to time in the future increase or decrease its ownership, control or direction over, or exercise its current rights to acquire, the Common Shares or other securities of VendTek, through market transactions, private agreements or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Privinvest Offshore SAL (Holding)
    Maitre MAROUN HADDAD
    00961 3 684600
    00961 4 860614 (FAX)
    157 Marfaa - Rue 73, Saad Zaghloul Street, Solidere
    Beirut, Lebanon, 2012 7306