RICHMOND, British Columbia, March 08, 2019 (GLOBE NEWSWIRE) -- DDS Wireless International Inc. (“DDS”) announced that on March 6, 2019, DDS acquired 430,000 common shares (the “Acquired Shares”) of BSM Technologies Inc. (“BSM”) (TSX:GPS), representing approximately 0.54% of the outstanding common shares of BSM. The Acquired Shares were acquired through the facilities of the Toronto Stock Exchange at a price of $0.85 per common share, for an aggregate consideration paid of $367,327.50.
Prior to the acquisition of the Acquired Shares, DDS held an aggregate amount of 2,204,700 shares of BSM representing 2.73%, and Ghai Investments Ltd. (“GIL”), DDS’ corporate affiliate, held an aggregate amount of 7,565,083 common shares of BSM, representing approximately 9.38% of BSM’s issued and outstanding common shares. As a result of the acquisition of the Acquired Shares, DDS holds an aggregate amount of 2,634,700 common shares of BSM, representing approximately 3.27% of the issued and outstanding common shares of BSM and, together with its joint actor, GIL, an aggregate amount of 10,199,783 common shares of BSM, representing approximately 12.65% of the issued and outstanding common shares of BSM.
The Acquired Shares were acquired for investment purposes because DDS and GIL believed that the Acquired Shares were undervalued and represented an attractive investment opportunity.
DDS and GIL may, depending on market and other conditions, acquire additional common shares of BSM or dispose of some or all of their existing or additional common shares of BSM, whether in the open market, by privately negotiated agreements, or otherwise.
The head office of BSM is located at 75 International Boulevard, Suite 100, Toronto, Ontario, M9W 6L9.
A copy of the early warning report required to be filed under applicable Canadian securities laws will appear with BSM’s documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
For further information or to obtain a copy of the related early warning report, please contact:
DDS Wireless International Inc.
11920 Forge Place
Richmond, BC, V7A 4V9
Canada
Contact: Vari Ghai, Director (604) 241-1441