LOS ANGELES, CA, Jan. 6, 2014 /CNW/ - Core Innovation Capital I, L.P.
("Core") announced today that it has acquired 8,571,428 common shares
of TIO Networks Corp. ("TIO") (TSXV:TNC) at a price of $0.35 per share
pursuant to the conversion of a $3 million promissory note previously
issued by TIO to Core. Such shares, which represent approximately 15.5%
of TIO's issued and outstanding common shares, are the only securities
of TIO held by Core and its affiliates. Further details regarding
Core's investment in TIO can be found in TIO's material change report
dated July 19, 2013.
The shares were acquired by Core for investment purposes. Core will
evaluate its ownership position in TIO from time to time and, depending
on a number of circumstances (including, but not limited to,
performance of TIO's common shares in the market), Core may from time
to time purchase directly or indirectly additional common shares to
increase its ownership position in TIO.
This news release is being issued as required by National Instrument
62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting
Issues. Further information (including a copy of the early warning report to
be filed on SEDAR) can be obtained at www.sedar.com under TIO's company profile or by contacting Arjan Schütte at
About Core Innovation Capital
Core Innovation Capital is a leading investor in financial technologies
serving the Emerging Middle Class, the 80 million Americans that
generate over $1 trillion in annual income and spend more than $89
billion in fees and interest on financial services. Core partners with
proven entrepreneurs and invests in disruptive financial technologies
that measurably improve the lives of the Emerging Middle Class. The
Core Impact Alignment investment thesis leverages social impact to
create above-market financial return.
SOURCE: Core Innovation Capital
For further information:
For more information about Core Innovation Capital, visit www.corevc.com or follow @CoreEMC.