TORONTO, July 16, 2012 /CNW/ - xRM Global Inc. ("xRM Global" or the "Company") announced today that it has increased the loan amount announced
December 27, 2011 to a total of $475,000 from the existing lender and
has appointed a new CFO to the company. The Company also provides an
update to the previous update dated December 27, 2011 to the Company's
restructuring plan previously announced on December 9, 2010 (the "Plan").
Subsequent to the previous Plan update, temporary cease trade orders
were issued against the Company by the Ontario Securities Commission,
Alberta Securities Commission and British Columbia Securities
Commission (the "Cease Trade Orders") due to the fact that the Company failed to file annual audited
financial statements, annual management's discussion and analysis, and
certification of annual filings for the year ended December 31, 2010
and December 31, 2011 and interim unaudited financial statements,
interim management's discussion and analysis, and certification of
interim filings for the interim periods ended March 31, 2011, June 30,
2011, September 30, 2011, December 31, 2011 and March 31, 2012, (the "Required Filings"). Pursuant to the Cease Trade Orders, all trading in or purchasing of
securities of the Company has been ceased until the Cease Trade Orders
are revoked or varied. The Cease Trade Orders remain in effect as of
the date hereof.
It is management's intent to maintain the Company in its current status
until the Company is in good standing and the Company is fully
operational, and the Company is working towards the preparation of the
In order to partially fund the preparation of the Required Filings, the
Company has increased the loan amount from USD$225,000 to $475,000 with
Global Innovation Fund, Ltd. (the "Loan"). The Loan bears interest at the rate of 12% annually, payable at
maturity. The Loan's maturity date has been extended to December 23,
2012. The proceeds of the Loan, while allowing the Company to initiate
the Plan, are insufficient to complete the Plan. As such, management
intends to continue in its efforts to obtain additional funding for the
In connection with the Loan, Mark Olson will assume the role of interim
Chief Financial Officer. Mr. Olson is a CA with private and public
company accounting and audit experience. Mr. Olson has direct
reporting experience for public technology companies listed on both the
TSX and NASDAQ. Mr. Jeff Patterson has resigned as director of the
Company. As a result, subject to receipt of all necessary approvals,
the current board of directors of the Company is Gary Bartholomew
(Chairman), William Beynon (Director) and Trevor Michael (Director).
About xRM Global Inc.
xRM Global is a Social Network for Financial Intelligence on publically
listed stock in the USA and Canada. Wealth Razor empowers individuals
and enterprises with on-demand, financial information management
solutions that monitor business television, financial data and the
financial web to extract intelligence for wealth managers relevant to
their clients' needs. xRM's unique valuation model combines
traditional valuation analysis based on historical financial data with
crowd and media sentiment to provide a dynamic view of the stocks held
within the individuals portfolio. Wealth managers use this intelligence
to enhance their client relationships with more frequent touch points,
and to share unique, relevant insights derived from the Wealth Razor
with their clients.
Additional information about the Company can be found at www.sedar.com.
This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed in such forward-looking statements. Forward-looking
statements in this news release include, but are not limited to,
economic performance and future plans and objectives of xRM Global. Any
number of important factors could cause actual results to differ
materially from these forward-looking statements. Although xRM Global
believes that the assumptions and factors used in making these
forward-looking statements are reasonable, undue reliance should not be
placed on these statements, which only apply as of the date of this
news release, and no assurance can be given that any such events will
occur in the disclosed timeframes or at all. xRM Global disclaims any
intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE xRM Global Inc.
For further information:
Gary Bartholomew, Chairman & CEO
xRM Global Inc.
USA and International: 813.464.9728