MOTIONSPHERE CAPITAL INC. COMPLETES ITS REVERSE TAKEOVER
MONTREAL, Oct 4 /CNW Telbec/ - Motionsphere Capital Inc. (the "Corporation" or "Motionsphere"), is proud to announce that it has completed the acquisition (the "Acquisition") of Colba.Net Inc. Concurrently with the Acquisition, Motionsphere has changed its name to Colba.Net Telecom Inc./Telecom Colba.Net Inc.
The Acquisition consisted of the purchase by Motionsphere of all the outstanding common shares of Colba.Net Inc. for a total consideration of 30,000,000 common shares of the Corporation. There are now 33,449,800 issued and outstanding common shares of the Corporation. The current members of the Corporation's board of directors will remain in place.
Effective at the close of business Thursday, September 30, 2010, the Corporation's common shares were delisted from TSX Venture Exchange at the Corporation's request.
This voluntary delisting was approved by a majority of the Corporation's minority shareholders at its shareholder's meeting held on June 30, 2010. For more information please consult the Corporation's management information circular dated June 1, 2010.
At the opening of business on October 1, 2010 the Corporation's common shares began trading on the Canadian National Stock Exchange under the symbol "CB".
The Corporation is also proud to announce that Michel Poissant has joined its management as Chief Financial Officer, replacing Jean-Paul Bassili who still acts as the Corporation's secretary. Mr. Bassili remains on the Corporation's board of directors.
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.
For further information:
Joseph Bassili
CEO
Colba.Net telecom Inc.
(514) 227-1673
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