VANCOUVER, BC, Nov. 29,
2022 /CNW/ - Principal Technologies Inc. (the
"Company") (TSXV: PTEC.P), which is building a diverse
portfolio of investments in healthcare technologies companies, is
pleased to provide this corporate update to shareholders.
The Company is pleased to announce that it has initiated
proceedings of a potential $500,000
private placement financing that will be finalized as soon as the
delayed financial filings are delivered, which is expected by
December 15, 2022 or earlier, and the
CTO is removed. The funds will be used in parts to secure options
for participations in targets that will increase the intrinsic
value of the company. Details about the financing will follow in
due course.
The company is also pleased to announce it has expanded its
advisory board by adding high profile individuals from the fields
of business & finance as well as technology.
Dr. Gerald (Geri) Rainer, former
CEO of one of the largest Swiss Private Banks and trustee on
several international multi billion dollar trusts (among other
experience), and Dr. Ivo Ivanovski,
former Information Technology Minister of the Republic of
Macedonia.
Besides from Dr. Rainer's business acumen and his generally
extensive international network, the Company expects benefitting in
particular from his institutional investor contacts and their
financial backing of larger transactions and participations we plan
on conducting in the new year.
Dr. Ivanovski, who is currently among others member of the
Advisory Committee of the prestigious World Information Technology
and Services Alliance (WITSA), will be instrumental in the
appraisal of international technology trends, especially with
regard to cloud-related healthcare technologies solutions for
hospitals where large telecommunication companies hold strong
footholds.
His Serene Highness Prince Alfred of Liechtenstein, Chairman of the Board of
Directors (the "Board"), as well as the rest of the Board,
warmly welcome Geri and Ivo to the company. Dr. Rainer, will serve
as Chairman of the Advisory Board.
In the meantime, the Company's portfolio companies, E&E CRO
Consulting and Vision Surgery AI (VSAI), are performing very well.
These investments are further described in the news releases dated
July, 8, 2021 and March 10, 2022.
VSAI is currently marketing a placement based on a substantially
higher valuation than the one used when we participated earlier
this year (at the time valuation was USD$20
million) as they have advanced their development
accordingly.
The Company earned a dividend of approx. EUR 97k compared to the EUR 100k paid in cash purchase consideration the
year prior from E&E CRO.
The Company will provide more in depth information, especially
on acquisition targets for 2023, after the closing of the proposed
financing.
About Principal Technologies
Inc.
Principal Technologies Inc. (TSXV: PTEC.P), is building a
diverse portfolio of investments in healthcare technology companies
with a focus on those with global distribution potential, that have
achieved regional success. Principal Technologies will also focus
on companies that have IP capable of enhancing medical treatment
quality and efficiency, cost efficiency, optimization of the
patient pathway, and implementation of point of care technologies.
In addition to providing growth capital, the company also aims to
support the growth of its portfolio with the expertise of its
management team, board, and advisers.
Learn more: https://principal-technologies.com/
ON BEHALF OF THE BOARD OF DIRECTORS:
Jerry Trent, Chief Executive
Officer
Principal Technologies Inc.
Cautionary Note Regarding Forward-Looking Information
This news release contains statements which constitute
"forward-looking statements" and "forward-looking information"
within the meaning of applicable securities laws (collectively,
"forward-looking statements"), including statements regarding the
plans, intentions, beliefs and current expectations of the Company
with respect to future business activities and operating
performance. Forward-looking statements are often identified by the
words "may", "would", "could", "should", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" or similar
expressions and includes information regarding: (a) expectations
regarding whether the Transaction will be consummated including
whether the conditions to the consummation of the Transaction; (b)
the timing for completing the Transaction, if at all, and the
conditions to such transaction; and (c) expectations for other
economic, business, and/or competitive factors.
Investors are cautioned that forward-looking statements are
not based on historical facts but instead reflect the Company's
management's expectations, estimates or projections concerning
future results or events based on the opinions, assumptions and
estimates of management considered reasonable at the date the
statements are made. Although the Company believes that the
expectations reflected in such forward looking statements are
reasonable, such statements involve risks and uncertainties, and
undue reliance should not be placed thereon, as unknown or
unpredictable factors could have material adverse effects on
future results, performance or achievements of the resulting
issuer. Among the key factors that could cause actual results to
differ materially from those projected in the forward-looking
statements are the following the ability to consummate the
Transaction; the ability to obtain requisite regulatory and
shareholder approvals and the satisfaction of other conditions to
the consummation of the Transaction on the proposed terms and
schedule; the potential impact of the announcement or consummation
of the Transaction on relationships, including with regulatory
bodies, employees, suppliers, customers and competitors; changes in
general economic, business and political conditions, including
changes in the financial markets; changes in applicable laws and
regulations both locally and in foreign jurisdictions; compliance
with extensive government regulation; the risks and uncertainties
associated with foreign markets; and the diversion of management
time on the Transaction. These forward-looking statements may be
affected by risks and uncertainties in the business of E&E, the
Company and general market conditions, including COVID-19.
Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may
vary materially from those described herein as intended,
planned, anticipated, believed, estimated or expected. Although the
Company has attempted to identify important risks, uncertainties
and factors which could cause actual results to differ materially,
there may be others that cause results not to be as anticipated,
estimated or intended and such changes could be material.
E&E and the Company do not intend, and do not assume any
obligation, to update the forward-looking statements except as
otherwise required by applicable law.
Completion of the Transaction is subject to a number of
conditions, including but not limited to
TSXV acceptance. There can be no assurance that the
Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the
filing statement prepared in connection with the Transaction, any
information released or received with respect to the Transaction
may not be accurate or complete and should not be relied upon.
Trading in the securities of the Company should be considered
highly speculative.
Neither TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
SOURCE Principal Technologies Inc.