TORONTO, ON / ACCESSWIRE / March 22, 2019 / Ellipsiz Communications Ltd. (TSXV: ECT) (the “Company” or “ECL”) announced that further to its announcement of February 1, 2019, it has completed the acquisition of 81.87% interest in Asia Pacific Acid Recycling Inc. (“APAR”), an Ontario company which owns 100% of Asia Pacific Acid Recycling Taiwan Inc. (“APAR Taiwan”). ECL wishes to expand its operations through acquisition and the opportunity to acquire APAR and its operating entity is seen as synergistic with existing operations as it provides the opportunity to expand into high-tech manufacturing systems management. APAR Taiwan currently recycles toxic waste acid produced by high-tech manufacturing companies. APAR Taiwan has been developing smart manufacturing and management applications that can be used in their existing business and for their clients. ECL is arm’s length to both APAR and APAR Taiwan. For further details on the business of APAR please see the Company’s press release dated February 1, 2019.
Under the terms of the share purchase agreement dated February 1, 2019, ECL issued an aggregate of 60,907,877 common shares of ECL at a price of $0.05 to the shareholders of APAR. The shares are legended and restricted from trading until July 21, 2019. No finder’s fee was paid in respect of this transaction and was not a related party transaction.
Mr. Hsin-Chieh Huang now owns, through his holding company, 29,041,794 common shares of ECL representing approximately 12.7% of the Company’s outstanding capital and is therefore now an insider. In the aggregate, the former shareholders of APAR now hold approximately 26.7% of the total outstanding shares of ECL.
The Company, through its indirect operating subsidiary, ECTW, focuses on setting up operations support systems (“OSS“), being systems which control and monitor network activities, for many communication service providers, including mobile network providers, fixed line telephone operators, cable operators and internet service providers (ISPs) in Taiwan. ECTW tailors a unique solution for each client depending on its particular needs, which involves setting up, customizing and integrating a combination of third party hardware and OSS software.
Asia Pacific Acid Recycling Limited is a highly specialized environmental engineer that recycles toxic waste acid, a by-product of majority of high-tech manufacturing today, into harmless substances that can be used for everyday objects. Currently, it has many well-known clients who manufacture semiconductors, LCD, LED, solar batteries, and photoelectric materials in Taiwan, known for its high-tech component manufacture for global brands.
In the recent year, on top of production expansion, APAR is also investing in smart manufacturing and management application in order to increase efficiency and yield rate. The application will be deployed in the acid recycle plants as proof of concept.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Eric Chan, CFO
T: 416 977-3223
SOURCE: Ellipsiz Communications Ltd.
View source version on accesswire.com: