ChitrChatr Proposes a Plan of Arrangement with its Subisidiary, TalkTran Communications Corp.admin
ChitrChatr Proposes a Plan of Arrangement with its Subisidiary, TalkTran Communications Corp.
Calgary, Alberta CANADA, February 06, 2014 /FSC/ – ChitrChatr Communications Inc. (CHA – CSE),(“ChitrChatr”) has been developing its Comprehensive Universal Unified Communications Platform (“CUUCP”) and has determined that the real-time voice translation component of CUUCP (the “Translation Asset”) is suitable for financing through a separate corporate entity.
Accordingly, ChitrChatr is pleased to announce it has entered into an arrangement agreement dated February 6, 2014 including a statutory plan of arrangement (“the Plan of Arrangement”) with TalkTran Communications Corp. (“TalkTran”), its wholly-owned subsidiary incorporated solely for the purpose of effecting the Plan of Arrangement.
Under the Plan of Arrangement, the following principal steps will occur in the following order:
a) Share Transfer. ChitrChatr will issue one common share of ChitrChatr to TalkTran and transfer the Translation Asset in consideration of the TalkTran Distribution Shares (as later defined);
b) Asset Transfer. The parties shall enter into an assignment agreement whereby ChitrChatr shall assign 100% of the Translation Asset to TalkTran;
c) Subsidiary Becomes a Reporting Issuer. On the payout date, every ChitrChatr shareholder on record at the close of business on February 7, 2014 (the “Record Date”) shall receive 1 common share of TalkTran for every 1 common share of ChitrChatr then held, and the total number of such common shares of TalkTran shall be called the “TalkTran Distribution Shares”.
d) Listing Application: TalkTran shall apply to list its common shares on the Canadian Securities Exchange (“CSE”), which shall be subject to CSE approval.
The Plan of Arrangement is subject to approval of the directors of ChitrChatr, all the shareholders of TalkTran, and the Supreme Court of British Columbia.
ChitrChatr’s stock trades on 3 exchanges: in Canada on the Canadian Securities Exchange (CSE) under the trading symbol “CHA”, in Germany on the Frankfurt Stock Exchange (FRA) under the symbol “CA9″, and in the United States on the Over The Counter Market (OTC) under the trading symbol “CHICF”.
ChitrChatr is developing a proprietary internet-based communications platform, the Comprehensive Universal Unified Communications Platform (CUUCP), which offers communications services delivered to users through a fully-integrated global communications platform and user-friendly interface. The CUUCP is a common unified application that integrates virtually all methods of communication (including audio, video, conference calling, messaging, chat, text, fax, email and social networking services) into a single easy-to-use platform. The CUUCP technology is based on VoIP and uses internet services and data transmission, rather than the public circuit-switched telephone networks of land telephone lines, cellular networks and satellite service.
ChitrChatr’s CUUCP will be made available to end users as an app that can be accessed using a web browser and installed on a myriad of devices (including desktop and tablet computers, smart phones, mobile handheld devices and other dedicated hardware devices).
On Behalf of ChitrChatr
President & Chief Executive Officer
For further information please email: email@example.com or visit www.chitrchatr.com.
Neither the CSE, the Frankfurt Stock Exchange nor the OTC Markets have reviewed, approved or disapproved the content of this press release.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the expected business and commencement of trading in the common stock of ChitrChatr. The forward looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
To view the press release as a PDF, please click on the following link:
Source: ChitrChatr Communications Inc. (CNSX: CHA) http://chitrchatr.com/#/
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Posted: February 6th, 2014 under FSCWIRE.