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by Stockwatch Business Reporter

The TSX Venture Exchange added 3.87 points to 545.21 Wednesday. Charles Lilly and Andy DeFrancesco's halted NEX shell, NXA Inc. (NXI), will ask shareholders at a Nov. 2 meeting to approve its acquisition of Ellipsiz Communications Ltd. The two companies hope to close the deal within a week of the meeting.

The shell will roll back its shares 1:10, leaving it with 2,240,600 postconsolidated shares, and then issue approximately 143 million postconsolidated shares to the shareholders of Ellipsiz, after which NXA will change its name to Ellipsiz Communications Ltd.

Ellipsiz, founded in 2007, sets up operation support systems for telecom companies in Taiwan. These systems control and monitor network activities, and detect problems in case of unexpected downtimes for mobile networks, fixed-line phone operators, cable operators and Internet service providers. The company is also a profitable enterprise that earned approximately $457,845 on revenue of $6.04-million in the nine-month period ended March 31, 2015.

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