Oct 1 2013
Nanotech Security Corp. (the “Company”), developer of next-generation security and authentication features using patented nano-optical technologies, announces that it has now completed the two previously announced corporate acquisitions and therefore 5,210,500 recently issues subscription receipts have been converted into 5,210,500 equity Units (each Unit is a common share + 0.5 warrant). This closing follows the announcements of these inter-related transactions on August 1, and September 5, 2013.
The final acquisition terms for 100% of IDIT technologies Corp and 95% IDME Technologies Corp. captures 98.5% by value of the two Companies. Of the 3,940,000, million shares issuable for the acquisitions, 3,705,103 shares were issued at closing and 244,897 shares are issuable subject to Nanotech shareholder’s approval. Subscription receipts investors unanimously agreed to amend the subscription receipts conversion conditions to accommodate the 95% purchase of IDME.
Nanotech CEO Doug Blakeway commented “We are glad to have completed these transactions which have given us a solid balance sheet and provided the Company with rights to not only all the nano-optical intellectual property rights that it was previously licensing along with a reduction of royalties from 9% to 3%, but has also given us a suite of complementary technologies which we believe will in future open many new doors for the Company.”
More information about the Company can be found at the Company’s website www.nanosecurity.ca or www.sedar.com .
On Behalf of the Board of Directors of
Nanotech Security Corp.
“Doug H. Blakeway”
President and CEO
Source: http://www.sunycnse.com/