Uniserve Communications Corporation completed the acquisition of information technology services business of Glenbriar Technologies Inc. for CAD 1.8 million.
The transaction is subject to approval from the Canadian Securities Exchange which shall be approved on or before November 15, 2017, approval of 2/3 of majority of the minority shareholders of Glenbriar Technologies on or before December 10, 2017, approval of Uniserve Board of Directors on or before November 15, 2017 and approval by Glenbriar Board of Directors on or before October 31, 2017. As of December 4, 2017 the transaction has been approved by the shareholders of Glenbriar Technologies. Glenbriar appointed Brian Tijman as the independent board member to review the overall fairness of the proposed sale on behalf of Glenbriar's minority shareholders.
Uniserve Communications Corporation (TSXV:USS) completed the acquisition of information technology services business of Glenbriar Technologies Inc. (CNSX:GTI) for CAD 1.8 million on January 18, 2018. The purchase price for the assets, after adjustments, was CAD 1.8 million, of which $245,984 was paid in cash and the balance paid by way of demand promissory note. Robert Matheson and Brian Tijman, two of the original founders of Glenbriar, have resigned from the Board of Directors. Hashim Mitha, President of Uniserve, will be taking on the roles of Chief Executive Officer and President. Acting Chief Financial Officer, Shankha Bhattacharyya, has been superseded by Iain Gordon. Other officers have been transferred to positions at Uniserve as part of the transition.