VANCOUVER, July 15, 2016 /CNW/ - Deploy Technologies Inc. (CSE: DEP, US OTC: DPLY) ("Deploy" or the "Company") is pleased to announce the appointment of Murray Simser as Chief Executive Officer and Susan Naylen Sorrell as Chief Financial Officer of the Company. Additionally, the board of directors of Deploy has been reconstituted and now consists of Murray Simser, Susan Naylen Sorrell and Chris MacLeod.
The change in management and directors follows the sale of 911,062 common shares and 6,557,973 preferred shares (the "Purchased Shares") held by Trepped Enterprises Inc. ("Trepped"), a significant shareholder of the Company, to Mustang Asset Management Inc. ("Mustang") for aggregate gross proceeds of $76,300 (the "Acquisition"). The Acquisition was made pursuant to a share purchase agreement dated July 14, 2016 between Mustang and Trepped.
Following the Acquisition, Mustang owns approximately 14% of the issued and outstanding common shares of the Company, calculated on an undiluted basis and, on a diluted basis assuming conversion of all the preferred shares of the Company, Mustang owns approximately 82% of the issued and outstanding common shares of the Deploy. Mustang is a private corporation that invests in developing technology companies. An early warning report in respect of this transaction and all required disclosure shall be made in accordance with applicable securities laws.
ABOUT DEPLOY TECHNOLOGIES INC.
Deploy Technologies Inc. develops leading edge technologies with the vision of future market needs. To date it has developed a comprehensive suite of products focused on Fleet Data Management & Weigh Systems solutions designed for the industrial transportation market.
SOURCE Deploy Technologies Inc.
For further information: Deploy Technologies Inc., Mail: 19011 - 1153 56th Street, Delta, BC, Canada V4L 2A2, Phone: 1 (604) 781-1773, Fax : 1 (888) 777-8099, Email: [email protected], Web : www.deploy.ca, CNSX Symbol: DEP, OTC Symbol: DPLY