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by Stockwatch Business Reporter

The TSX Venture Exchange lost 5.4 points to 785.8 Monday. Josh Gerstein's capital pool shell, Everfront Ventures Corp. (EVC), has completed its qualifying transaction by acquiring Datametrex Ltd., a tech company in Toronto. The shell, which had 5,738,050 issued shares, issued another 47,952,840 shares to its target's shareholders. As part of its QT, the shell also sold a $2.16-million private placement of 21,608,391 units at 10 cents. There were 57 placees, of which none was an insider or pro group. It is unlikely that we will find out who those placees were; the British Columbia Securities Commission no longer releases this valuable information to the public. The BCSC is concerned that private placement subscribers might be inundated with junk mail and cold calls if their addresses and phone numbers are released. Its solution is to hide all details, including names.

On Everfront's first trading day as a shell graduate and a tech issuer, it closed at 12 cents on 13,000 shares. Its product is a device called DataTap, which collects and analyzes retail data (such as unit price and quantity bought) at the point of sale. The device is installed at a till and connected to the Internet. Then, a store manager may view the collected data and their analysis in real time. Three months ago, Datametrex received a demand to "cease all ... use, marketing, registration or sale of the DataTap technology." The demand was from Cozumo Inc., which has a device called Connect that is similar to DataTap. Datametrex's chief executive officer, Andrew Ryu, and chief technology officer, Jonathan Hobbs, used to work at Cozumo. They maintain that Cozumo's allegations, which include the unlawful use of confidential information, have no merit. Mr. Ryu, a former teacher, is now Everfront's CEO and largest shareholder, with 18 million shares or 23.9 per cent. From 2010 to 2015, he was the CEO of an NEX-listed investment company, Loyalist Group Ltd., which peaked at 79 cents in 2013. He left when Loyalist plunged to 7.5 cents from 32 cents, on account of disappointing financials. Loyalist never recovered; it delisted earlier this year. Mr. Ryu's colleague, Mr. Hobbs, is now Everfront's chief technology officer and second-largest shareholder, with 14.02 million shares or 18.6 per cent. Everfront also has a new president, Jeff Stevens. He was a broker with M Partners Inc. from 2008 to 2010.

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