TORONTO, ONTARIO--(Marketwire - July 11, 2012) - Sai InfoSystem (India) Ltd. ("Sai") has acquired on December 22, 2011 by private placement 3,333,333 common shares of EmerGeo Solutions Worldwide Inc. ("EmerGeo") at a price of CDN$0.06 per share.
As a result of this acquisition, Sai now holds 3,333,333 shares representing approximately 16% of the total outstanding shares of EmerGeo.
Sai acquired and holds these shares as the first part of a two part investment as described in the press release of EmerGeo dated December 5, 2011, which, if Sai completes the second part of the investment, will result in Sai owning and controlling shares of EmerGeo representing approximately 76% of the total outstanding shares of EmerGeo. However, EmerGeo announced by press release dated February 16, 2012 that the second part investment by Sai did not proceed with those original terms.
The exemption relied upon by Sai for the acquisition of the 3,333,333 shares of EmerGeo was Section 2.10 of National Instrument 45-106 (minimum amount investment exemption) based on an acquisition cost to Sai as principal in cash on closing of not less than CDN$150,000.
Sai's principal office is at Super Plaza, Sandesh Press Road, P.O. Bodakdev, Ahmedabad 380 054, Gujarat, India.
Contact Information:
Mr. Balkrishna Sharma
011-91-79-3001-0400