TORONTO, May 31, 2011 /CNW/ - Valucap Investments Inc. (TSXV: V) ("Valucap") received approval from the TSX Venture Exchange of the purchase of
NorthStar Bancorp Limited's ("NorthStar") equity interest in Elliptic
Technologies Inc. ("Elliptic") as per the extract below and as
contemplated in Valucap's earlier press release.
"The TSX Venture Exchange has accepted for filing an option agreement
dated Dec. 17, 2010, as amended on March 31, 2011, between Valucap
Investments Inc. and NorthStar Bancorp Ltd., whereby the company has an
option to acquire a 23-per-cent equity interest (225,365 common shares,
792,041 Series A-1 preferred shares and 2,698,394 Series A-2 preferred
shares) in Elliptic Technologies Inc. for $429,011 at any time on or
before June 30, 2011. Pursuant to the option agreement, the company may
satisfy the option exercise price by issuing to NorthStar units at 10
cents per unit (each unit consisting of one common share of the company
and one warrant to purchase one common share exercisable at a price of
16 cents for 18 months from its date of issue)."
Elliptic, a private company based in Ottawa, Ontario, is a provider of
embedded security solutions to information technology ("IT") hardware
and semi-conductor customers in the U.S., Canada, Europe and Asia. The
company has patents and patent applications relating to the company's
various products, which are designed for use with various devices, and
is providing its services and products to customers in conjunction with
leading industry players including ARM Holdings pic, MIPS Technologies,
Inc., RSA, a division of EMC Corporation, Impinj Inc., Xilinx, Inc. and
Faraday Technology Corporation, who supply complementary components.
"We are pleased that the Elliptic purchase is complete as it fits into
the Valucap strategy and provides significant growth potential in the
highly important IT security market," said Jeffrey Watts, President and
Chief Executive Officer of Valucap.
Valucap is an investment issuer and is interested in making investments
in emerging technologies and markets. Valucap intends to become a
leading small cap Canadian equity company that specializes in investing
in commercialized and undercapitalized companies that have high growth
potential. Specifically, Valucap seeks to generate above average
investment returns on its capital by providing "transaction driven"
growth capital to micro and small cap companies which operate within
preferred industry sector classifications. The common shares of Valucap
are currently listed on the TSX Venture Exchange.
This press release includes certain "Forward-Looking Statements." All
statements, other than statements of historical fact, included herein,
including without limitation, statements regarding future plans and
objectives of Valucap, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
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 Valucap Investments Inc.
For further information:
please contact Valucap Investments Inc.:
Jeffrey S. Watts
President and Chief Executive Officer
Tel: 1 (416) 364-2591