VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2012) - The Board of OneMove Technologies Inc. ("OneMove" or the "Company") (TSX VENTURE:OM), provider of the leading web-based real estate transaction platform and creator of the largest and fastest growing online community of conveyancing professionals, has decided to proceed with the share consolidation and expects it to become effective in August 2012.
The share consolidation was approved at the Company's annual general and special meeting held on November 25, 2011, where the shareholders passed a special resolution approving the consolidation of the Company's issued and outstanding common shares on the basis of 10 shares being consolidated into one share such that for each 10 common shares of the Company presently held by a shareholder, the shareholder will hold one common share after consolidation. The purpose of the share consolidation is to facilitate the Company's ability to attract future financings and transactions for the Company.
The Company currently has 109,035,110 outstanding common shares and outstanding options and warrants to purchase a total of 42,903,690 additional common shares at prices ranging from $0.10 to $0.15 per share. Following the 10-for-1 share consolidation, there will be 10,903,511 outstanding common shares (assuming no further shares are issued), and options and warrants to purchase a total of 4,290,369 additional common shares at prices ranging from $1.00 to $1.50 per share. The Company's name will not change in conjunction with the share consolidation. The Company will issue another news release announcing the effective date of the share consolidation before the shares trade on a consolidated basis.
Outcome of Strategic Review
The Board of Directors has evaluated the different options available to the Company to maximize shareholder value, including a potential sale of the business to a strategic buyer. After careful consideration of the different discussions undertaken by the Company's financial adviser with potential buyers, the Board has concluded that none of the offers discussed are adequate at this stage and that it is the best interests of the shareholders to continue to create value by executing the Company's national and international expansion plans. The Company is also discussing with its larger shareholders the possibility of taking the Company private in order to cut costs and attract financial and strategic investors, subject to available funding and shareholder, regulatory and Exchange approvals.
About OneMove Technologies Inc.
OneMove Technologies Inc. (TSX VENTURE:OM) is the leading provider of web-based real estate transaction platforms and the creator of the largest and fastest growing online community of conveyancing professionals. Through econveyance™, its proprietary web-based conveyancing software solution, OneMove™ simplifies and expedites the process of buying and selling real estate. Econveyance connects all participants in the property transfer process, offering a secure and efficient means of completing the transaction online. Additional information about OneMove can be found at www.onemovetech.com or www.sedar.com. Professional users site www.econveyance.com.
Forward Looking Statements
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
Neither 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.