SOURCE: LeoNovus

March 04, 2011 02:24 ET

Work Horse Capital & Strategic Acquisitions Ltd. Becomes LeoNovus™ Inc.

Name Change Completed as Part of a Change in Business

PALO ALTO, CA--(Marketwire - March 4, 2011) - Work Horse Capital & Strategic Acquisitions Ltd. today announced its name change to LeoNovus Inc. ("LeoNovus") (TSX-V: LTV), effective immediately. LeoNovus will commence trading on the TSX Venture Exchange under its new name and its new stock symbol -- LTV -- at the opening of trading on March 7, 2011. LeoNovus, through its wholly owned subsidiary, Personal Web Systems, Inc. ("PWS"), is developing a browser-based Internet software platform with a managed system that provides consumer electronic devices, such as HDTVs, access to all the features, content, and functionality available on the Internet without the malware, security and support issues of a PC.

The name change was completed as part of an overall rebranding strategy as LeoNovus and PWS progress from primarily a research & development focused company to a commercial entity focused on sales and growth. The process began in October, when LeoNovus completed a qualifying transaction to acquire all of the securities of PWS. Prior to that time, PWS was a privately held company. 

Gordon Campbell, the Chief Executive Officer, stated, "The evolution of the company now provides an opportunity for rebranding as a part of the change of the business focus. The name change to LeoNovus better reflects the company's status as a consumer driven technology businessWe are looking forward to the outbound focus and growth of the company."

About LeoNovus
LeoNovus shares have traded on the TSX Venture Exchange since June 10, 2009. Further information about LeoNovus can be found in its filing statement dated October 18, 2010 and other filings with Canadian securities regulators, which filings are available at www.sedar.com.

About PWS (www.pwsww.com)
PWS is now a wholly owned subsidiary of LeoNovus with its head office located at 1800 Embarcadero, Palo Alto, California. PWS is developing a high performance, browser-based Internet platform with a managed system approach that will provide HDTVs and other consumer electronic devices with access to all the features, content, and functionality available on the Web without the malware, security and support issues of a PC. PWS seeks to change the way high-value Internet content is organized, monetized, and delivered on HDTVs, providing a true consumer electronics experience to the largest monitor in the house.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with LeoNovus' growth, the state of the financial markets, regulatory risks and other factors. Unless otherwise required by applicable securities laws, LeoNovus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about potential factors that could affect LeoNovus' financial and business results is included in public documents LeoNovus files from time to time with Canadian securities regulatory authorities and which are available at www.sedar.com.

Contact Information

  • For more information, please contact:
    T: (650) 856-8500
    F: (650) 856-8510
    Email Contact

    1800 Embarcadero Rd.
    Palo Alto, CA 94303 USA
    Phone: (650) 856-8500 (US-PST)
    Fax: (650) 856-8510
    www.LeoNovus.com