100% of Management and Board of Directors Participate In Exercise of Purchase Price Warrants
SUNNYVALE, Calif., Oct. 30, 2013 /CNW/ - LeoNovus Inc. ("LeoNovus") (TSXV: LTV), a leading Internet Company with its SMART Media Platform and distributed Cloud Services announced today a strong overall participation in the exercise of existing Purchase Price warrants, including 100% participation from the management and Board of Directors. The purchase price warrants were part of the corporation's qualifying transaction ("QT") on October 29, 2010 and were issued to certain shareholders of Personal Web Systems, Inc. ("PWS") as partial compensation for the acquisition of all issued and outstanding securities of PWS pursuant to the terms of the QT. The warrants were priced at $0.20 with an expiration date of October 29, 2013. For more information pertaining to the QT and the Purchase Price Warrants, please see the Company's filing statement posted on www.sedar.com. There were a total of 3,582,211 million purchase warrants issued as part of the QT and 2,626,368 million were exercised prior to their expiration.
"We are delighted to see the support for our strategy along with a business model that can succeed in any economic cycle," said Gordon Campbell, CEO of LeoNovus. "We look forward to a multi-market deployment in the coming year."
LeoNovus is committed to developing high-quality personalized products that deliver turnkey capabilities to multiple, compute-intensive market segments. The LeoNovus SMART Media Platform provides a flexible multi-dimensional approach that can service multiple vertical markets via an easy-to-use graphical user interface (GUI) that can be customized to fit the market of choice. The product includes an integrated, remotely managed system that keeps the LeoNovus-enabled connected devices updated and free of viruses, while delivering carefully targeted services and applications that are linked to preferences. In addition, LeoNovus is deploying its Dark Core technologies to create intelligent networks that improve efficiency and performance of computing resources, which lower costs while generating new revenue streams by enabling distributed Cloud Services at the Edges.
About LeoNovus Inc. (www.LeoNovus.com)
LeoNovus Inc., offers a unique technology approach to a diverse group of markets that require efficient processing, preservation, and accurate management of immense amounts of data with the benefit of significant energy and real-estate cost reductions, while at the same time offering companies and organizations within these markets the ability to create new revenue streams. Currently, LeoNovus has made inroads into the Internet, data center, hospitality, and health care markets. The LeoNovus Software platform also supports connected devices with access to all the features, content, and functionality available on the Web without the malware, security and support issues of a PC. LeoNovus seeks to change the way high-value Internet content is organized, monetized, and delivered to end users. Learn more at www.LeoNovus.com
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Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with LeoNovus' growth, the state of the financial markets, regulatory risks and other factors. Forward-looking statements included or incorporated by reference in this press release include statements with respect to proposed terms of, and the intended use of proceeds of, the Offering. There can be no assurance that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, LeoNovus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any statements of forward-looking information that speak only as of the date of this release. More detailed information about potential factors that could affect LeoNovus' financial and business results is included in public documents LeoNovus files from time to time with Canadian securities regulatory authorities and which are available www.sedar.com
SOURCE: LeoNovus Inc.
For further information:
LeoNovus, T: (408) 541-9400, F: (408) 541-9410, [email protected], Jim Fredrickson, Chief Financial Officer