VANCOUVER, British Columbia, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Prospect Park Capital Corp. (the “Company”) (CSE:PPK) is pleased to announce that it will be pursuing a Change of Business (as such term is defined in the Canadian Securities Exchange (the "CSE") Policy 8 (the "Policy")).
After an evaluation of the Company's existing resources and a review of strategic options available to the Company, the Company has determined to refocus its business operations from an "investment issuer" to a "technology issuer" focused on highly scalable business to consumer communication platforms including, without limitation, platforms that connect service providers with customers in the areas of health and education. The board of directors of the Company believe that its network of business contacts and its depth of experience of its management team will enable the Company to succeed as a technology issuer.
The Company will look to integrate the technologies it acquired as part of its acquisitions of Diitalk Communications Inc. (“Diitalk”) and 102130706 Saskatchewan Inc. (dba Tutors on Demand) (“Tutors on Demand”). Diitalk is in the business of operating a rewards-based communication platform and the provision of services in connection therewith, including, without limitation, VOIP calling, SMS messaging, analytics engine, mobile apps and add engines. Tutors on Demand is in the business of operating a virtual marketplace through the Tutors on Demand Platform which enables the connection of qualified tutors and student learners who are seeking additional educational support. See news releases dated October 13, 2021 and December 3, 2021 for further information relating to the acquisitions of Diitalk and Tutors on Demand, respectively.
In connection with the Company’s acquisition of Diitalk, the Company will file a business acquisition report which will include Diitalk’s annual financial statements for the years ended August 31, 2021 (audited) and August 31, 2020. The Company expects to file the business acquisition report on or before February 11, 2022.
In conjunction with the Change of Business it is anticipated that the Company's name will be changed to Ignite Communications Group Inc., or such other name as the directors of the Company in their sole discretion may determine. The directors of the Company believe this name better reflects the Company's new focus as a technology issuer in the communications space.
The Change of Business and name change will require shareholder approval at the Company's upcoming annual general and special meeting which is expected to be held in Q1 of 2022. The Change of Business is also subject to the approval of the CSE.
James Greig CEO of Prospect Park Capital Corp. commented
“We are very excited to move forward under the new name adding clarity to our goal of incubating and launching some very highly scalable technologies. We feel the added visibility and focus will catapult us on to the world stage with our robust communication app Diitalk and additional assets in the areas of health and education.”
Additional information will be released by the Company as it occurs. There can be no assurance the Change of Business or name change will be completed.
For more information please contact:
Chief Executive Officer
Prospect Park Capital Corp.
Tel: (778) 788-2745
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy of accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contain herein.
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: completion of the Change of Business, completion of the Company's name change, management’s expectations relating to technology integration, management’s expectations relating to the timing of the Company’s annual general and special meeting and the Company’s expectations regarding the timing of the filing of the business acquisition report.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks related to the failure of the Company to receive the required corporate and regulatory approvals, including shareholder approval CSE approval, the failure of the Company to integrate its technology as management expects, as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available atwww.sedar.com
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, assumptions regarding the Company receiving the required corporate and regulatory approvals, including shareholder approval and CSE approval and the Company integrating its technology as management expects.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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