VANCOUVER, BC, Nov. 29, 2022 /CNW/ – Principal Technologies Inc. (the “Company“) (TSXV: PTEC.P), which is building a diverse portfolio of investments in healthcare technologies companies, is pleased to provide this corporate update to shareholders.
The Company is pleased to announce that it has initiated proceedings of a potential $500,000 private placement financing that will be finalized as soon as the delayed financial filings are delivered, which is expected by December 15, 2022 or earlier, and the CTO is removed. The funds will be used in parts to secure options for participations in targets that will increase the intrinsic value of the company. Details about the financing will follow in due course.
The company is also pleased to announce it has expanded its advisory board by adding high profile individuals from the fields of business & finance as well as technology.
Dr. Gerald (Geri) Rainer, former CEO of one of the largest Swiss Private Banks and trustee on several international multi billion dollar trusts (among other experience), and Dr. Ivo Ivanovski, former Information Technology Minister of the Republic of Macedonia.
Besides from Dr. Rainer’s business acumen and his generally extensive international network, the Company expects benefitting in particular from his institutional investor contacts and their financial backing of larger transactions and participations we plan on conducting in the new year.
Dr. Ivanovski, who is currently among others member of the Advisory Committee of the prestigious World Information Technology and Services Alliance (WITSA), will be instrumental in the appraisal of international technology trends, especially with regard to cloud-related healthcare technologies solutions for hospitals where large telecommunication companies hold strong footholds.
His Serene Highness Prince Alfred of Liechtenstein, Chairman of the Board of Directors (the “Board“), as well as the rest of the Board, warmly welcome Geri and Ivo to the company. Dr. Rainer, will serve as Chairman of the Advisory Board.
In the meantime, the Company’s portfolio companies, E&E CRO Consulting and Vision Surgery AI (VSAI), are performing very well. These investments are further described in the news releases dated July, 8, 2021 and March 10, 2022.
VSAI is currently marketing a placement based on a substantially higher valuation than the one used when we participated earlier this year (at the time valuation was USD$20 million) as they have advanced their development accordingly.
The Company earned a dividend of approx. EUR 97k compared to the EUR 100k paid in cash purchase consideration the year prior from E&E CRO.
The Company will provide more in depth information, especially on acquisition targets for 2023, after the closing of the proposed financing.
About Principal Technologies Inc.
Principal Technologies Inc. (TSXV: PTEC.P), is building a diverse portfolio of investments in healthcare technology companies with a focus on those with global distribution potential, that have achieved regional success. Principal Technologies will also focus on companies that have IP capable of enhancing medical treatment quality and efficiency, cost efficiency, optimization of the patient pathway, and implementation of point of care technologies. In addition to providing growth capital, the company also aims to support the growth of its portfolio with the expertise of its management team, board, and advisers.
ON BEHALF OF THE BOARD OF DIRECTORS:
Jerry Trent, Chief Executive Officer
Principal Technologies Inc.
Cautionary Note Regarding Forward-Looking Information
This news release contains statements which constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”), including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking statements are often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding: (a) expectations regarding whether the Transaction will be consummated including whether the conditions to the consummation of the Transaction; (b) the timing for completing the Transaction, if at all, and the conditions to such transaction; and (c) expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the resulting issuer. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following the ability to consummate the Transaction; the ability to obtain requisite regulatory and shareholder approvals and the satisfaction of other conditions to the consummation of the Transaction on the proposed terms and schedule; the potential impact of the announcement or consummation of the Transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; the risks and uncertainties associated with foreign markets; and the diversion of management time on the Transaction. These forward-looking statements may be affected by risks and uncertainties in the business of E&E, the Company and general market conditions, including COVID-19.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. E&E and the Company do not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
Completion of the Transaction is subject to a number of conditions, including but not limited to TSXV acceptance. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Principal Technologies Inc.
For further information: Investor inquiries, please contact: [email protected]