MONTREAL, Feb. 12, 2020 (GLOBE NEWSWIRE) — ATW Tech Inc. (the “Company” or “ATW Tech”) (TSX-V: ATW) announces that Groupe Gestion G5 Inc. (“Gestion G5”) has converted its convertible debenture (the “Debenture”), in the amount of $2 million, into 20,000,000 common shares (the “Common Shares”) of ATW Tech at a conversion price of $0.10 per Common Share. This conversion will allow ATW Tech to discharge its $2 million debt, which was to come due in October 2021, as well as to avoid $200,000 in annual interest charges.
The Company also announces its intention to complete a $600,000 private placement, on terms that will be announced shortly.In addition, ATW Tech announces the resignation of Messrs. Michel Des Rivières and Renaud Caron as directors of the Company. Their positions will be filled by Messrs. Carlos Bedran and Louis Lessard, who will bring the benefit of their experience to ATW Tech.“We thank Messrs. Des Rivières and Caron for their extensive involvement during their term with ATW Tech, while extending a warm welcome to Messrs. Bedran and Lessard,” said ATW Tech President & CEO Michel Guay.Since 2000, Mr. Bedran has been the President of investment fund Groupe Partners and, since 2014, founding President of networking and telecommunications networks consulting firm YXELIA. Throughout his career, he has overseen numerous cross-border financing and merger & acquisition files, including those of publicly-traded companies. For more details on his background, please see his CV (in French only) at association.centraliens.net/cv/carlos-bedran/ecole-centrale-paris/1982.A seasoned entrepreneur, Mr. Lessard is board chair of both Voxco, a global supplier of software solutions, as well as Evoleum, a Quebec-based, carbon-neutral manufacturer of eco-friendly fuel. He has been the co-founder and director of numerous capital pool companies.Upon conversion of the Debenture, Gestion G5 will be the beneficial owner of 24,837,000 Common Shares, representing 24.71% of the issued and outstanding Common Shares. Gestion G5 and Mr. André Imbeau, who controls Gestion G5, are the respective beneficial owners of 85,000 and 326,000 share purchase options (“Options”). On a partially-diluted basis, assuming the exercise of only those Options held by Gestion G5 and Mr. Imbeau, Gestion G5 and Mr. Imbeau would hold 25.02% of the issued and outstanding Common Shares.As a result, before conversion of the Debenture Gestion G5 held 4,837,000 Common Shares and the Debenture in the amount of $2 million convertible into 20,000,000 Common Shares since October 5, 2017, and Gestion G5 and Mr. Imbeau together held a total of 411,000 Options, representing 6.01% of the issued and outstanding Common Shares (on a non-diluted basis) and, on a partially-diluted basis, assuming the conversion of the Debenture and the exercise only of Options held by Gestion G5 and Mr. Imbeau, 25.02% of the issued and outstanding Common Shares.Gestion G5 holds its securities of ATW Tech for investment purposes. Depending on circumstances, including market conditions, Gestion G5 may ultimately increase or decrease the number of securities of ATW Tech that it beneficially owns or controls, including by on or off-market purchases and sales.Additional information on the Company is available, and an early warning report regarding the transaction will be filed on, SEDAR at www.sedar.com. To obtain a copy of the early warning report, please contact Michel Des Rivières at (438) 491-1787. ATW Tech’s head office is located at 1050 de la Montagne Street, Suite 400, Montreal, Quebec, H3G 1Y8 and Gestion G5’s head office is located at 2806 Richelieu Street, Beloeil, Quebec, J3G 2C9.The TSX Venture Exchange and its Regulatory Services provider (as per meaning assigned to this term in TSX Venture Exchange’s policies) bear no liability as to the relevance or accuracy of this press release.ABOUT ATW TECHATW Tech (TSX-V: ATW) is a leader in financial technologies (‘fintech’), owner of several web platforms including VoxTel and Option.vote. VoxTel offers various interactive communication, landline and mobile carrier billing phone solutions. Option.vote offers a large scale, customizable, and secure multi-method voting system for unions, political parties, professional associations, and others looking for a way to reduce their voting costs and to improve their participation rates.SOURCE:                                                        
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