Turquoise intends to conduct C$1.5 million private placement of stock

Deal aids qualifying transaction to develop wireless sensor networks

By Devika Patel

Knoxville, Tenn., Sept. 18 – Turquoise Capital Corp. said it plans to price a private placement of common stock to raise between C$1 million and C$1.5 million. The offering is being conducted as a condition of the company’s qualifying transaction.

The company will sell between 10 million and 15 million common shares at a minimum price of C$0.10 per share.

The deal is being conducted as a condition for closing the company’s qualifying transaction in which it will acquire development rights from Vigil Technologies Inc., a Burnaby B.C.-based research and development company specializing in the development of wireless sensor networks. As a result, Turquoise will have the rights to develop, market, distribute, sell and use Vigil’s Wireless Intrusion Detection Platform products.

Proceeds will be used to develop products based on Vigil’s Wireless Intrusion Detection Platform, for general working capital purposes and for a C$500,000 right of first refusal payment to acquire the Wireless Intrusion Detection Platform.

The platform is a spatially distributed wireless sensor network technology that can be deployed in all environments, including “off the grid” locations. The network allows for real-time monitoring of sites, equipment and environmental conditions over a geographic area while providing real-time situational awareness.

The capital pool company is based in Vancouver, B.C.

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