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[Editor's Note: Coltrane and Acpana Business Systems (parent company of DataDepositBox) Merge. Acpana Business Systems originally launched DataDepositBox back in 2002; and in mid 2010 it changed its name to KineticD; and now it reverted back to its original name, DataDepositBoxwas.]
TORONTO, ONTARIO, Nov 21, 2014 — /BackupReview.info/ — Coltrane Technologies Inc. (“Coltrane”) is pleased to announce that Coltrane, Acpana Business Systems Inc. (“Acpana”), operating as Data Deposit Box, and 2441043 Quebec Inc., a wholly-owned subsidiary of Coltrane, have entered into an amalgamation agreement (the “Amalgamation Agreement”) dated as of November 17, 2014, pursuant to which the parties intend to complete a business combination by way of a three-cornered amalgamation (the “Amalgamation”) under the Business Corporations Act (Ontario).
Pursuant to the terms of the Amalgamation Agreement, each shareholder of Acpana and Coltrane Subco will be entitled to receive one (1) common share (a “Coltrane Share”) of Coltrane for every one (1) common share of Acpana or common share of Coltrane Subco, as applicable, held by such shareholder. In addition, each holder of a stock option or warrant of Acpana and each holder a warrant or a broker warrant of Coltrane Subco will receive an equal number replacement stock options (“Coltrane Options”), warrants (“Coltrane Warrants”) and broker warrants (“Coltrane Broker Warrants”) of Coltrane, as applicable.
The Amalgamation and the Subdivision must be approved by two-thirds of the votes cast by shareholders present and voting at the special meeting of Acpana shareholders to be held on November 28, 2014. The board of directors of each of the companies have approved the Amalgamation and the board of directors of Acpana has unanimously resolved to recommend that its shareholders vote their securities in favour of the Amalgamation and the Subdivision.
Troy Cheeseman, President – Chief Operating Officer and Director
Tim Jewell – Chief Executive Officer and Director
Chris Irwin – Corporate Secretary and Director
Mike Robb – Chief Financial Officer
Two additional nominees of Coltrane will be elected to the board of directors upon completion of the Amalgamation.
In early 2011, Data Deposit Box merged its decade’s worth of cloud backup experience with ROBOBAK’s impressive past that formed a dynamic match that will drive the technology to power cloud backup and recovery solutions for small businesses and partners alike for years to come.
Our philosophy is to empower business owners and employees to take a more active role in understanding the value of their data. Massive improvements in technology are generating profound changes in the way companies create and share digital information. In today’s world data is power and we’re excited to see a new generation of businesses moving to embrace cloud-based platforms because the technology allows smaller companies to enjoy unprecedented levels of productivity, mobility, and security.
Shares Outstanding: 1,019,000
Acpana Business Systems Inc.
Source: Coltrane Technologies Inc.
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