TORONTO, Dec. 2, 2015 /CNW/ - Epcylon Technologies Inc, (OTC PINK: PRFC ) ("Epcylon" or the "Company"), an aggregator of large data which simultaneously converts it into real time software tools for traders, announces a shareholder update.
The Board of Directors has implemented an Executive Committee (the "Executive Committee"), which will consists of the following members: Todd Halpern, Chairman and member of the Board of Directors of the Company, and Kyle Appleby, Chief Financial Officer of the Company. Mr. Todd Halpern will be acting as Chairman of the Executive Committee. Additionally, the Board of Directors has approved and implemented an Independent Advisory Committee (the "Independent Committee"), which consists of the following two (2) independent members: Mr. Richard Groome and Mr. Nikolas Perrault. Mr. Richard Groome will be acting as Chairman of the Independent Committee. The Committee will provide ongoing advice with respect to the business plan and overall direction of the Company, which will not be binding for the Company, including to the Executive Committee. This new Independent Committee shall remain in effect until such time as the Bitumen transaction has been completed and/or otherwise approved between the parties, subject to the TSX Venture Exchange's and any and all regulatory approval, as announced earlier on October 19, 2015.
The Board of Directors intends to close a first tranche of an aggregate $225,000 USD, of the previously announced private placement offering of Secured Convertible Debentures. The Company will continue with additional closings up to a total of $1,000,000 USD gross proceeds, if, as and when warranted.
The Board of Directors intends to redeem 8,500,000 shares of its Series A Preferred shares ("Series A Share(s)") for cash at a redemption price of $0.20 per Series A Share for an aggregate amount of $1,700,000 plus accrued dividends. Additionally, the Series B Preferred shareholder intends to convert all of the 5,000,000 Series B Preferred shares ("Series B Share(s)") issued and outstanding in his record name into 5,000,000 shares of common share of the Company ("Common Share(s)").
Demand Loans conversion
The Board of Directors has approved the conversion of $151,048 USD in demand loans into the current Secured Convertible Debenture Offering at $0.20 per Common Share plus one half share purchase warrant, each whole warrant entitling its holder to purchase one Common Share at a price of $0.30 per Common Share within 24 months from the date of the issuance of warrant.
The Company is now marketing its Stealth Analytics and Stealth Pro software signals to multiple on line brokerage and investment dealers in Canada, The United States, Europe and shortly South East Asia. The business model is one of revenue sharing with existing channels of distribution being on line and traditional investment dealers. Additionally, the Company has been active in numerous demonstrations to the "Pro and Sophisticated Traders" market in Canada. The Company's proprietary algorithms enable the sentiment based tools to be replicated in numerous markets around the world.
The Board of Directors has approved the researching of an Asset Management Structure that would actively manage client assets in a fully licensed and compliant environment using the Company's proprietary signal technology and algorithms.
About Epcylon Technologies Inc.
Epcylon Technologies is a diversified software company that has two distinct business focuses. Our subsidiaries leverage real-time big-data to develop proprietary technology and services for desktop and mobile phones.
Except for historical information contained herein, the matters set forth above may include forward-looking statements that involve certain risks and uncertainties. Words such as "may", "could", "anticipate", "believe", "estimate", "expect", "intend", "plan", and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements. Epcylon does not undertake any obligation to update any forward-looking statements and cautions investors to consider all other risks and uncertainties, including those disclosed in Epcylon filings with the United States Securities and Exchange Commission.
SOURCE Epcylon Technologies Inc.
For further information: Media Relations Epcylon Technologies, Inc., 34 King Street East Suite 1010 Toronto, ON Canada, M5C 2X8, Phone +1-416-479-0880