Code Rebel Corp (CDRBQ)

[davidsson10]

Aegis Identity Software Announces Termination of Proposed Merger with Code Rebel Corporation
5:00 am ET May 18, 2016 (PR Newswire)

Aegis Identity Software, Inc., a leading education technology (Ed-Tech) provider of Identity and Access Management solutions for the education marketplace ("Aegis Identity"), announced today that it has terminated the definitive merger agreement that it had entered into with Code Rebel Corporation on March 11, 2016, and the merger contemplated thereby, effective immediately.

The decision to terminate the proposed merger was related to, among other things, the suspension of the trading of Code Rebel common stock following an Order issued by the U.S. Securities and Exchange Commission on May 6, 2016 questioning the accuracy of certain information that Code Rebel has filed with the Commission regarding its assets and financial condition.

"We are disappointed that we were not able to complete the proposed merger with Code Rebel," stated J. Ralph Armijo, Executive Chairman of Aegis Identity. "Nonetheless, we believe that the fundamentals of the business and technology of Aegis Identity remain strong, and we look forward to focusing our resources on the growth, success and financing of that business."