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VANCOUVER, Jan. 7, 2019 /CNW/ - 3 Sixty Risk Solutions Ltd. ("3Sixty" or the "Company") (previously Petro Vista Energy Corp. ("Petro Vista")) is pleased to announce the completion of its previously announced reverse takeover (the "Reverse Takeover") by the entity ("Amalco") formed upon the amalgamation of 3 Sixty Secure Corp. ("3Sixty PrivateCo") and Total Cannabis Security Solutions Inc. In connection with the Reverse Takeover, Amalco amalgamated with a subsidiary of Petro Vista to form a wholly-owned subsidiary of the Company named "3 Sixty Secure Corp.", through which the Company operates. Immediately prior to the consummation of the Reverse Takeover, the funds raised by 3Sixty PrivateCo's previously completed subscription receipt offering for gross proceeds of approximately $17.5 million were released from escrow and all subscription receipts purchased thereunder were exchanged for common shares of 3Sixty Privateco without any further action required on the part of the holders of the subscription receipts.
Prior to the Reverse Takeover, the common shares of Petro Vista were voluntarily delisted from the NEX Board of the TSX Venture Exchange at the close of business on January 3, 2019, and the previously announced consolidation of the common shares of Petro Vista on a two-to-one basis was completed.
3Sixty Receives Conditional Listing Approval from CSE
On December 19, 2018, the Canadian Securities Exchange (the "CSE") provided the Company with conditional listing approval. The Company expects to commence trading on the CSE on or about January 8, 2019 under the ticker symbol "SAFE".
Changes to the Board of Directors and Management
Further to the Company's press release dated November 13, 2018, in connection with the completion of the Reverse Takeover, all directors and officers of Petro Vista have resigned and have been replaced with the directors and management of Amalco.
The Company will be led by Thomas Gerstenecker, Founder and Chief Executive Officer of 3Sixty and an international security expert with 25+ years of experience including serving as Chief of Security, Global Operations, for the United Nations and as a member of Canada's special forces group, Joint Task Force Two. Thomas is joined on the executive team by David Hyde as President, the founder of David Hyde & Associates and a former Security Chief for a major, multi-billion-dollar corporation, Carlo Rigillo as Chief Financial Officer, Craig Bromell as Chief of Security and Intel, and Neil Weaver as Chief Commercial Officer.
Furthermore, the Company has attracted an experienced board of directors. Gaetan Lussier, a recipient of the Order of Canada and a Deputy Minister in the Government of Canada, will serve as Chairman of the board and will be joined by Vernon White, a Canadian Senator and former Chief of Police of the Ottawa Police Service, Igor Gimelshtein, former CFO of MedReleaf and a former Vice President at Birch Hill Equity Partners, and Nancy Croitoru, a successful entrepreneur and multi-national senior executive who also served as president and CEO of Food & Consumer Products of Canada (FCPC). Thomas Gerstenecker will also serve on the board of directors.
Additional information in respect of the Company has been provided in the listing statement of the Company filed on the Company's SEDAR profile.
About 3 Sixty Risk Solutions Ltd.
3 Sixty Risk Solutions Ltd., operating through its wholly-owned subsidiary, 3 Sixty Secure Corp., is one of Canada's leading security service providers to the cannabis sector, transporting approximately $250 million of product every month. 3Sixty provides cannabis security consulting, guarding and secure transport security services to more than 500 customers and more than 60 licensed cannabis producers, including some of the world's largest, such as licensed producers owned by Canopy Growth Corporation. 3Sixty has a staff of over 250 employees and employs a fleet of over 60 vehicles, which management believes provides a combined security footprint to approximately 30 million square feet of patrolled area.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the Company's expected listing date and the business and operations of 3Sixty after the Reverse Takeover. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE 3 Sixty Risk Solutions Ltd.
For further information: 3 Sixty Risk Solutions Ltd.: For further information regarding the Company, please contact: Carlo Rigillo, Chief Financial Officer, 3 Sixty Risk Solutions Ltd., (866) 360-3360, [email protected]