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VALUCAP PURCHASES STAKE IN ELLIPTIC TECHNOLOGIES INC.(Canada Newswire Via Acquire Media NewsEdge) TORONTO, May 31, 2011 /CNW/ -- TORONTO, May 31, 2011 /CNW/ - Valucap Investments Inc. (TSXV: V) ("Valucap") received approval from the TSX Venture Exchange of the purchase of NorthStar Bancorp Limited's ("NorthStar") equity interest in Elliptic Technologies Inc. ("Elliptic") as per the extract below and as contemplated in Valucap's earlier press release. "The TSX Venture Exchange has accepted for filing an option agreement dated Dec. 17, 2010, as amended on March 31, 2011, between Valucap Investments Inc. and NorthStar Bancorp Ltd., whereby the company has an option to acquire a 23-per-cent equity interest (225,365 common shares, 792,041 Series A-1 preferred shares and 2,698,394 Series A-2 preferred shares) in Elliptic Technologies Inc. for $429,011 at any time on or before June 30, 2011. Pursuant to the option agreement, the company may satisfy the option exercise price by issuing to NorthStar units at 10 cents per unit (each unit consisting of one common share of the company and one warrant to purchase one common share exercisable at a price of 16 cents for 18 months from its date of issue)."Elliptic, a private company based in Ottawa, Ontario, is a provider of embedded security solutions to information technology ("IT") hardware and semi-conductor customers in the U.S., Canada, Europe and Asia. The company has patents and patent applications relating to the company's various products, which are designed for use with various devices, and is providing its services and products to customers in conjunction with leading industry players including ARM Holdings pic, MIPS Technologies, Inc., RSA, a division of EMC Corporation, Impinj Inc., Xilinx, Inc. and Faraday Technology Corporation, who supply complementary components. "We are pleased that the Elliptic purchase is complete as it fits into the Valucap strategy and provides significant growth potential in the highly important IT security market," said Jeffrey Watts, President and Chief Executive Officer of Valucap. About Valucap Valucap is an investment issuer and is interested in making investments in emerging technologies and markets. Valucap intends to become a leading small cap Canadian equity company that specializes in investing in commercialized and undercapitalized companies that have high growth potential. Specifically, Valucap seeks to generate above average investment returns on its capital by providing "transaction driven" growth capital to micro and small cap companies which operate within preferred industry sector classifications. The common shares of Valucap are currently listed on the TSX Venture Exchange. This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding future plans and objectives of Valucap, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2011/31/c9389.html please contact Valucap Investments Inc.: Jeffrey S. Watts| President and Chief Executive Officer| Tel: 1 (416) 364-2591| Email: <a href=" http://[email protected]|[email protected]|[email protected]|[email protected] (c) 2011 Canada NewsWire Ltd. All rights reserved. |