VANCOUVER, BC, March 19, 2021 /CNW/ - Interlapse
Technologies Corp. (TSXV: INLA) ("Interlapse" or the
"Company") announces that the Company's shares will resume
trading on the TSX Venture Exchange ("TSX-V") on
Monday, March 22, 2021.
The Company's previously announced acquisition of 100% of the
issued and outstanding shares of LQwD Financial Corp., a
decentralized finance company creating enterprise grade
infrastructure and institutional liquidity for the Lightning
Network, in exchange for common shares of Interlapse (the
"Transaction") is continuing to progress.
The Transaction remains subject to a number of terms and
conditions, including Interlapse shareholder approval, the
completion of a concurrent financing generating proceeds of up to
$5.0 million, and the approval of the
TSX-V and other applicable regulatory authorities. Upon completion
of this arm's length Transaction, LQWD will become a wholly owned
subsidiary of Interlapse.
The Lightning Network is a solution to scaling the usage of
Bitcoin, dramatically improving upon the fees, as well as the
instant settlement times, on the main Bitcoin blockchain.
About Interlapse Technologies Corp.
Interlapse Technologies Corp. is a financial technology
applications company accelerating the global mega-trend of virtual
currency adoption. Interlapse currently has 30,683,189 shares
outstanding (37,117,401 fully diluted).
To learn more, visit www.interlapse.com.
Completion of the Transaction is subject to a number of
conditions, including but not limited to, TSX-V acceptance and if
applicable pursuant to TSX-V Requirements, majority of the minority
shareholder approval. Where applicable, the Transaction cannot
close until the required shareholder approval is obtained. 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
management information circular to be 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 Interlapse should be
considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed Transaction and has neither approved nor
disapproved the contents of this news release.
Neither TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of TSX-V) accepts responsibility
for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains "forward-looking information" within
the meaning of applicable securities laws relating to the
Transaction, the Concurrent Financing and associated transactions,
including statements regarding the terms and conditions of such
transactions, the requisite Interlapse Shareholder approval, the
continued listing of the Resulting Issuer on the TSX-V, the
directors and officers of the Resulting Issuer, the anticipated
benefit of the Lightning Network and the intention to apply
for a waiver from the sponsorship requirements of the TSX-V.
Forward-looking statements relate to future events or future
performance and reflect the expectations or beliefs regarding
future events of management of Interlapse and LQWD (the
"Companies"). This information and these statements, referred to
herein as "forward–looking statements", are not historical facts,
are made as of the date of this press 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,
the completion of the Transaction and the Concurrent
Financing. These forward–looking statements involve numerous
risks and uncertainties and actual results might differ materially
from results suggested in any forward-looking statements. Important
factors that may cause actual results to vary include without
limitation, risks relating to the finalization of the terms of the
Concurrent Financing; risks associated with any delays or
difficulties encountered in respect of the Transaction and
Concurrent Financing; the timing and receipt of certain approvals,
including approval from the TSX-V or the Interlapse Shareholders;
risks and uncertainties related to the Transaction not being
completed in the event that the conditions precedent thereto are
not satisfied; delays in the receipt of requisite approvals and
changes in general economic conditions or conditions in the
financial markets. In making the forward–looking statements in this
press release, the Companies have applied several material
assumptions, including without limitation: (1) the successful
completion of the Concurrent Financing; and (2) the receipt of
necessary consents and approvals and satisfaction of all conditions
precedent for the completion of the Transaction and Concurrent
Financing in a timely manner. Neither Interlapse nor LQWD
assumes any obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
reflected in the forward looking-statements, unless and until
required by applicable securities laws. Additional information
identifying risks and uncertainties is contained in Interlapse's
filings with the Canadian securities regulators, which filings are
available at www.sedar.com.
SOURCE Interlapse Technologies Corp.