TORONTO, April 03, 2020 (GLOBE NEWSWIRE) -- William Hui Chung Chang (the "Securityholder") announces that he has filed an early warning report under National Instrument 62-103 in connection with the disposition of 15,000,000 common shares ("Common Shares") of Quisitive Technology Solutions, Inc. (the "Company"). The Common Shares were gifted to certain individuals for no consideration.
On January 2, 2020, the Securityholder disposed of Common Shares of the Company, which in the aggregate resulted in the cumulative disposition of more than 2% of the outstanding Common Shares of the Company, thereby triggering the requirement to file an early warning report. As of January 2, 2020, the Securityholder had disposed of a total of 15,000,000 Common Shares by way of a gift to certain individuals for no consideration.
Immediately prior to the disposition, the Securityholder beneficially owned 19,784,981 Common Shares, representing approximately 18% of the outstanding Common Shares of the Company. As a result of the disposition, the Securityholder beneficially owns 4,784,981 Common Shares of the Issuer, representing approximately 4% of the Issuer's issued and outstanding Common Shares.
The Securityholder also holds a US$2,164,812.36 unsecured convertible debenture accruing interest at 10% per annum, where the outstanding principal amount of US$2,164,812.36, together with all accrued and unpaid interest owing thereunder, is convertible into Common Shares of the Company at a price of $0.20 per Common Share.
While the Securityholder currently has no plans or intentions with respect to the Company's Common Shares, depending on market conditions, general economic and industry conditions, trading prices of the Company's Common Shares, the Company's business, financial condition and prospects and/or other relevant factors, the Securityholder may develop such plans or intentions in the future and, at such time, may from time to time acquire additional Common Shares, dispose of some or all of the existing or additional Common Shares or may continue to hold the Common Shares of the Company.
A copy of the early warning report filed by the Securityholder will be available on Quisitive Technology Solutions, Inc.'s SEDAR profile at www.sedar.com or by contacting Owens Wright LLP at (416) 486-9800. The Company's head office is located at 1431 Greenway Drive, Suite 1000, Irving, Texas, 75038 and the Securityholder's address is located at 1301 Shoreway Road, Suite 175, Belmont, CA 94002.