Torino Ventures Inc deal with SAS is a done deal
Torino Ventures Inc.
7934 Government Road, Burnaby, B.C., V5A 2E2
Phone: (604) 808-2225 Fax: 604-676-2767
Smart Autonomous Solutions and Torino Ventures Inc. complete Amalgamation Vancouver, British Columbia, November 6, 2015 – Torino Ventures Inc. (the “Company” or “Torino”), is pleased to announce that it has completed a three-cornered amalgamation whereby Smart Autonomous Solutions Inc. ("SAS") has amalgamate
d with a wholly-owned subsidiary of Torino (Torino Acquisition Corp).
The Amalgamation was filed with British Columbia Registry Services as of November 5, 2015. In conjunction with the Amalgamation, Torino issued 12,062,927 common shares to securityholders of SAS. In the coming days, the Company will complete a name change, and the Amalgamated entity will be known as Torino Power Solutions Inc. The directors of Torino Acquisition Corp are Suresh Singh, Bryan Loree, Alex Kanayev,
Ravinder Mlait and Darren Fast. The merged company will focus on its patented Dynamic Thermal Circuit Rating (DTCR) technology that increases the capacity of congested high voltage transmission lines of electric utilities by providing real-time
wireless monitoring of stress and temperature. The technology has market opportunities and applications for utilities worldwide, oil pipelines, dams, bridges and other major infrastructure assets. The DTCR technology is supported by five patents. Further details on the DTCR technology can be found at http://www.sasincor.com
The Company has increased the size of its non-brokered private placement at $0.10 cents per unit over $200,000. Each Unit consists of one common share and one-half of one non-transferable common share purchase warrant exercisable at $0.20 cents per common share for a period of 18 months from the date of
closing. Finders' fees may be payable in connection with the private placement.
We seek Safe Harbor.
On behalf of the Board of Directors “Bryan Loree” CEO and irector
Torino Ventures Inc.
This press release contains forward-looking information based on current expectations. Statements about the proposed Amalgamation, the Private Placement, shareholder approval and the parties' ab
ility to satisfy closing conditions and receive necessary approvals are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Transaction will occur or that, if the Transaction
does occur, it will be completed on the terms describe
d above. Torino assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law