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Shell Summary for Oct. 22, 2014

2014-10-22 19:40 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 14.27 points to 808 Wednesday. Bok Wong's first capital pool shell, the halted Maple Power Capital Corp. (MPX), plans to acquire Intrinsic4D LLC as its qualifying transaction.

The shell will roll back its shares 1:4, leaving it with 2,844,781 postconsolidated shares, and then issue an unstated number of postconsolidated shares to the target's shareholders. Among them are Jorey Chernett, who in 2011 co-founded Intrinsic4D, a Michigan imaging software company that turns flat medical scans into 360-degree, 3-D images, which the company hopes surgeons will use as a value-added service to plan procedures for patients. It has already received approval from the FDA to sell its product. The company is advertising the product for sale but it is unclear if it has generated any revenue. Also in 2011, Mr. Chernett co-founded Authentic3D, which does the exact same thing but instead of targeting hospitals, he sells the imaging software to personal injury lawyers, who use it as evidence to illustrate before and after photos of clients. Lawyers can buy the 3-D renderings of a CT or MRI from Authentic3D for $750 a pop. Again, there are no financial results available yet. Before Intrinsic4D and Authentic3D, Mr. Chernett co-founded D4D Technologies, which had a similar product used by dentists. He sold D4D in 2007 and then became a partner at a venture capital firm, Camelot Ventures LLC. He will join the board of Maple Power following the QT and take over as chief executive officer. It will be his first time managing a public company in Canada. Intrinsic4D also plans to complete an $8.5-million (U.S.) private placement. Mackie Research Capital will handle the financing.

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