Vancouver, B.C. / TheNewswire / February 25, 2019 - Mobio Technologies Inc. (TSXV: MBO) (“Mobio” or the “Company”), and Plank Ventures Ltd. (formerly 0968998 B.C. LTD.) (“Plank”) are pleased to announce that on February 22, 2019 Plank has issued its common shares to the shareholders of Mobio pursuant to the arrangement agreement and plan of arrangement between Mobio and Plank dated August 28, 2018 (the “Plan of Arrangement”).

 

Mobio shareholders as of the share distribution record date of February 15, 2019 were issued one share of Plank with respect to every one share of Mobio. Mobio shareholders retained all their shares in Mobio.

 

The CUSIP number of common shares of Plank is 72706P100.

 

Plank became a reporting issuer in Alberta and British Columbia on February 22, 2019.

 

Full details of the Plan of Arrangement are provided in the management information circular of Mobio dated November 20, 2018, filed on SEDAR (www.sedar.com) under Mobio’s profile on November 30, 2018.

 

Plank also would like to announce that Lanebury Growth Capital Ltd. (CSE: LLL) (“Lanebury”) has provided a $700,000 loan to Plank on a 2-year term and  subject to 10% interest per annum (the “Loan”). At the time the Loan was provided, Plank was a wholly owned subsidiary of Mobio, and at the time of the transaction, the Loan was a related party transaction pursuant to MI 61-101.

 

With respect to the Loan, Lanebury, Mobio and Plank relied on the exemptions from the valuation and minority shareholder approval requirements contained in Sections 5.7(1)(b) (Fair Market Value Not More Than $2,500,000) and 5.7(1)(f) (Loan to Issuer, No Equity or Voting Component) of MI 61-101 in respect of such participation. Lanebury, Mobio and Plank each have at least one independent director, and all independent directors approved the Loan.

 

For additional information contact:

 

Laurie Baggio, CEO Tel:  604-805-7498 ir@mobio.net

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of Mobio or Plank are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Mobio or Plank are those risks described herein and from time to time, in the filings made by Mobio or Plank with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com under the profiles of Mobio and Plank.

 

Neither the TSX Venture Exchange nor its Regulatory 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.