VANCOUVER, British Columbia, March 27, 2018 (GLOBE NEWSWIRE) -- This news release is issued pursuant to the early warning requirements of National Instrument 62-103 with respect to the common shares (“Common Shares”) of Targeted Microwave Solutions Inc. (the “Company”).
Dr. James Young (“Dr. Young”) announces that, on March 27, 2018, he acquired beneficial ownership of, and control over a total of 26,369,601 Common Shares (the “Debt Settlement Shares”) at a deemed price of $0.05 per share in exchange for the settlement of $1,318,480.07 of outstanding indebtedness that had previously been owing by the Company to Dr. Young pursuant to a loan agreement originally dated March 8, 2016. The Debt Settlement Shares are registered in the name of Dr. Young.
Immediately, following the acquisition of the Debt Settlement Shares, Dr. Young had beneficial ownership of, and/or exercised control over 27,281,611 Common Shares (approximately, 24.14% of the issued and outstanding Common Shares). The Debt Settlement Shares were acquired and are being held by Dr. Young for investment purposes.
This news release is being issued under the early warning provisions of Canadian provincial securities legislation. A report respecting this transaction will be electronically filed with the applicable securities regulators and will be available for viewing under the Company’s profile on SEDAR (www.sedar.com). A copy of this report may also be obtained by contacting the Company using the contact information below.