CALGARY, AB / ACCESSWIRE / November 7, 2019 / Appulse Corporation (the "Corporation" or "Appulse") (TSXV:APL) announces further to its news release issued August 27, 2019, that pursuant to the amalgamation agreement (the "Amalgamation Agreement") dated August 26, 2019 with Centrifuges Unlimited Inc. ("Centrifuges"), a wholly-owned subsidiary of Appulse, and Rolyn Environmental Service Ltd. ("Rolyn"), Centrifuges and Rolyn amalgamated on October 1, 2019 (the "Amalgamation").
Pursuant to the Amalgamation:
- Appulse will receive all of the shares of the amalgamated company ("Amalco").
- The shareholders of Rolyn will receive 367,133 common shares of Appulse at a deemed price of $0.25 per share.
- Of the 367,133 shares, 160,800 of those shares were distributable to 1303365 Alberta Ltd. ("1303"). 1303 is an indirect subsidiary of Appulse and surrendered for cancellation 136,680 common shares, resulting in a total of 230,453 common shares of Appulse being listed for trading.
The reason for the Amalgamation was to allow Amalco (now called Centrifuges Unlimited Inc., being the name of one of the amalgamating corporations) to utilize the "Rolyn Environmental" name and banner to support its centrifuge applications in the environmental sector, and it was only able to do so by increasing its ownership of Rolyn to 100% through the Amalgamation.
The Corporation has now received final acceptance of the transaction from the TSX Venture Exchange.
NEITHER THE 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.
For further information contact:
Doug Baird, President, or Dennis Schmidt, CFO
Office: (403) 236-2883
Email: [email protected]
SOURCE: Appulse Corporation