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Bluedrop Performance Learning Inc To Acquire Atlantis Systems Corp.


Monday, 11 Nov 2013 08:15am EST 

Bluedrop Performance Learning Inc and Atlantis Systems Corp. jointly announced that they have entered into a definitive arrangement agreement (the Arrangement Agreement) pursuant to which Bluedrop will indirectly acquire all of the issued and outstanding common shares of Atlantis (each, an Atlantis Share) for CAD1.0 million in cash by way of plan of arrangement under the Canada Business Corporations Act (the Arrangement). The exact per-share consideration to be paid to Atlantis shareholders will be based on the total number of Atlantis Shares issued and outstanding immediately prior to the consummation of the Arrangement. Based on an anticipated effective date for the closing of the Arrangement (the Effective Date) of December 31, 2013, there is expected to be 36,241,578 Atlantis Shares issued and outstanding as of that date (following the issuance of 26,007,895 Atlantis Shares to ComVest Capital LLC (ComVest) upon the conversion of a convertible note issued to ComVest in October 31, 2011 (in the aggregate amount of USDD7,646,107 in principal and interest as of October 31, 2013) (the CV Convertible Note) at a conversion rate of USD0.30 per Atlantis Share) and the per-share consideration to be paid to Atlantis shareholders would therefore be approximately CAD0.02760 per Atlantis Share. 

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