End Game
2 years ago
Nice. Looks like the creditors put a value of $.05/share.
"VANCOUVER, BC, June 6, 2022 /CNW/ - Verisante Technology Inc. (NEX: VRS.H) on April 23, 2018, the Company announced that it had entered into debt settlement agreements (collectively "Shares for Debt Transactions") with certain creditors of the Company. These transactions were suspended when the Company was subject to a Failure to File Cease Trade Order on May 4, 2018 which was revoked on April 6, 2022. Pursuant to the settlement agreement the Company will issue 15,154,182 common shares at a deemed price of $0.05 per share to settle $757,709.10 of outstanding debt subject to TSX-V review and acceptance. All shares issued pursuant to the Shares for Debt Transactions will be subject to a four-month-plus-one-day hold period from the date of issuance. Some Shares for Debt Transactions involve former directors of the Company and therefore may constitute a related party transactions under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company has determined that it is exempt from the minority approval and formal valuation requirements under MI 61-101 in respect of the Shares for Debt Transactions, relying on the exemptions found in sections 5.5(1)(a) and 5.7(1)(a) of MI 61-101. The participation by former directors in the Shares for Debt Transactions has been approved by directors of the Company who are independent in connection with such transactions.
The Company also received a proposed private placement for $10,000 on April 27, 2018 for 200,000 common shares at a price of $0.05. This transaction was suspended when the Company was subject to a Failure to File Cease Trade Order on May 4, 2018 which was revoked on April 6, 2022. All shares issued pursuant to the private placement will be subject to a four-month-plus-one-day hold period from the date of issuance. No finders' fees will be paid in connection with either of the transactions."
hongkongwalt88888888
3 years ago
It could be that former C-Suite just doesn't want the headache. People get tired of running businesses that's for sure. There's good money in outside corporate counsel so why waste time when sales revenues aren't coming? If you can't convince someone that the product will make their lives easier and more efficient ultimately saving them time, which makes them more profitable; medical device sales can falter quickly. With Doctors, you have to convince them fast(they don't budget much time for waste.) The head of the Canadian Skin Cancer Foundation that tested it and liked it was very reticent about the device when he first seemed to happen upon it at the San Diego convention. But, he was witnessed adopting a let's follow the science and test it attitude by the clever sales team saying the right words at the very moment he was at the booth and "pow" he tested it and liked the device. If memory serves he ultimately gave it a solid thumbs-up. That was a really fantastic Dermatologist.
Verisante could have caught several different breaks of luck and this would be a different story, that's a fact. Would be willing to bet many of the problems and holdups, as in many instances, were just miscommunications. That's the sad part.
If no one steps up and files anything, what do you think are the chances for a group of shareholders to ask a judge for a custodianship?
All of that said, I probably wouldn't use the corporate troves for Medical Devices going forward.
I believe I know there is a way to capitalize from the ticker and the corporate trove of data and shell it to the U.S.
There would be a requirement of an iron-clad non-disclosure agreement being signed before I conferred the strategy. The non-disclosure agreement would have to be signed as being valid in the U.S., Canada, and all other Countries that abide by laws. My attorney would be in the U.S. and the business for going forward would likely be HQ'd in the U.S. as well.
Let me know if interested. Maybe a group approach is best.
hongkongwalt88888888
3 years ago
Sounds like Thomas Braun may still be the CEO based on the PR linked at the bottom. Maybe that's who has the bulk share accumulation. No real reason from my view to sell for tax loss. I think I'll probably hold mine until it goes gray or forever whichever comes last. SPACing and MEMEing stocks these days have me too excited to sell any of my OTC equities.
It seems there is light at the end of this tunnel for someone to use the shell. And I imagine the liabilities are pretty much nil since it's been so long since the outfit functioned as a going entity in biotech. They probably zipped it up tight(laid everyone off), turned the lights off, and went back to their other law practices. Eventually when the time is right and the right deal comes along. It will probably see light again with a ticker change. Hopefully, the price will have more running room the next go round. The thing that miffs me is not ever being able to get any trips (.0001-.0009) priced shares. That says something doesn't it. At least from the U.S. side looking at a defunct non reporting OTC equity, it says a lot to me.
https://www.marketscreener.com/quote/stock/VERISANTE-TECHNOLOGY-INC-120793560/news/SIM-Co-Ltd-cancelled-the-definitive-agreement-to-acquire-Verisante-Technology-Inc-from-Thomas-Bra-34024101/
Don't know much about the source(marketscreener.com)
Computershare.com does seem to be the transfer agent but the customer service representative will probably refer you to contact to company Verisante for share structure information(i got little information there.) Still haven't tried to call Verisante by phone. Is the line still connected?
So far this Summer my sell price has been pegged to 3.80 per share? If someone bid it up to there, I would have no more shares of VRSEF.
End Game
3 years ago
Thanks for trying to do a little DD. Thomas just left us hanging.
I still have 700K shares and adding on the bid in case of a buy out. Will write off by year end if no reverse merger. I've had the best year every...so can use the loss to offset some of my gains. I just wonder who owns the other 91 million?
"Thomas Braun (He/Him)
Lawyer at Braun & Company
CEO, President, Director
Company NameVerisante Technology, Inc.
Dates EmployedMar 2006 β Dec 2019
Employment Duration13 yrs 10 mos
LocationVancouver, Canada
Verisante Technology, Inc. was focused on early cancer detection using optical technology developed by the BC Cancer Agency. The Verisante Aura device is part of the permanent collection of the Canadian Museum of Science and Technology and won numerous awards for design and innovation. Mr. Braun holds two US patents in infra-red spectroscopy which he donated to a public research institute."
End Game
3 years ago
Maybe I need to rethink.:) I made most of my SPAC money, after the SPAC announced a private company they were merging with. I even held most thru merger unless the price ran too much. Crazy runs July thru Feb. SPACs are in Winter right now, but some good bets on them at these prices, especially those merging with good private companies.
As far as why Verisante is catching a bid again, I just donβt know. Like I said, I had two more penny stocks that were dead for years, that ran up over the past year, enough to give me multi bagger gains, from what were large losses. Maybe itβs just VRSEFβs turn? Or, like you said MM playing games, but doesnβt seem likely. Will be closely watching this week.
hongkongwalt88888888
3 years ago
Big shrug there bud! I think of a SPAC as a shell in so many ways.
A lot of street level investors think similarly i believe.
What technically is a SP.A.C.- Special Acquisition Corporation
or S.P.A.C. Special Purpose Acquisition Corporation?
VRSEF meets all the requirements of which i am aware.
Them having been primarily operated at the CEO level by a Barrister(Canadian) or Attorney/Lawyer(U.S.) makes me feel like it is probably a lick it and stick it in the mail aapplication, as far as the OTC Market would be concerned. They probably have long holders and a fairly low float(ready to hold tight for significant upward pricing) which creates more bang for the buck when a newly public Business comes on the scene.
Probably one of the more squeaky clean outfits there could be in the British Columbia neighborhood. Being that VRSEF listed in the U.S. is beneficial as well, if it's lined up correctly. If the technological data was kept Canadian as no U.S. Approval was ever issued unfortunately by the FDA which is tragic perhaps, then the VRSEF side could go as an American SPAC with a ticker change but, perhaps there is also a way to keep the VRS.V Canadian ticker separate(now that would be interesting to see if that happened or if even possible.)
I think VRS.V is/was the Canadian ticker. Not sure how it works to a technical certainty but, there is a Lawyer, who does know this.
Was up that way a while ago but had let my passport lapse so I just stayed in Washington for my layover. Maybe it's time for a drive up there to knock on some doors.
Will be interesting. What do you think is next? Or do you think it(the volume price motion) could just be some silly MMs feeling for action?
End Game
3 years ago
I've been in VRSEF forever too. Not sure what's going on with the company, after being dark for two years. I also had two more penny loosers that ran up big for no reason over the past year. Took me from a big loss, to nice gains on those.
Speaking of Spacs, I already have huge tax gains on mostly buying & selling Spac warrants for 2021. Was going to use my VRSEF losses here to help offset some of those gains, but don't won't to sell too soon if something big is going to happen with Verisante...like taking it private with a buy out or reverse merger. At this point I'll hold my shares until end of year, just in case.
Skin cancer is more prevalent than ever. A shame they couldn't get their devices in the market.
End Game
3 years ago
I don't have a clue. They are/were a legit company with skin cancer products. Didn't work out, so then they were in process of doing a reverse merger. That didn't work out either, so they went dark for two years. Not much volume, but the bid has come back. Could be something like reddit just loading before a pump or maybe another reverse merger try. Thought they would've filed for BK, but they kept it alive for some reason. Fun to watch some volume come back to this dead stock. I'll take a 100 bagger instead of big loss, if the momo crowd comes in.