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September 8, 2006 |
Oceanlake Commerce Inc. receives regulatory acceptance to regain 100% control of OceanLake Asia Private Limited Toronto, Ontario CANADA, Sep 08, 2006 (M2 PRESSWIRE via COMTEX News Network) -- Oceanlake Commerce Inc. (OLI - TSX Venture), further to OceanLake Commerce Inc.'s (the "Company") previous announcement of entering into an agreement with Branksome Associates Limited, BVI ("Branksome") to reacquire (the "Reacquisition") the remaining 60% of OceanLake Asia Private Limited (see press release dated April 10, 2006) and previous announcement of the completion of a private placement (the "Private Placement") with Kingsdale Capital Markets Inc. for a total of $1.1M (see press release dated August 17, 2006), the Company is pleased to announce that the TSX Venture Exchange has accepted for filing documentation pertaining to the Reacquisition (the "TSXV Acceptance"). Pursuant to the TSXV Acceptance, the Company has paid to Branksome US$403,814.27 from the Private Placement and has issued to Branksome an aggregate of 2,523,839 common shares of the Company from treasury in return for the reacquisition of 10.1% of OceanLake Asia held by Branksome. After paying US$403,814.27 from the Private Placement and issuing 2,523,839 common shares of the Company, the Company must pay an additional amount of US$1,898,573.47 and issue 12,476,161 common shares of the Company to reacquire the remaining 49.9% interest of OceanLake Asia currently held by Branksome and regain ownership of 100% of OceanLake Asia. The 2,523,839 common shares of the Company issued to Branksome are subject to a 4 month statutory hold expiring on January 1, 2007. OceanLake Commerce Inc, through its majority interest in OceanLake Asia Private Limited ("OceanLake Asia"), and its recent acquisition of Facilitasia Private Ltd. of Singapore, provides mobile internet products and services to mobile operators throughout Asia and the rest of the world. For more information about OceanLake, please go to www.oceanlake.com CONTACT: William Car, CEO, OceanLake Tel: +1 416 568 5267 e-mail: wcar@oceanlake.com Maximum News Dissemination by Filing Services Canada Inc. Tel: +1 403 717 3898 Fax: +1 403 717 3896 WWW: http://www.usetdas.com M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com. |
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