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Shell Summary for Dec. 6, 2018

2018-12-06 20:55 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 2.97 points to close at 566.08 Thursday. Charalambos (Harry) Katevatis's first capital pool shell, Kapa Capital Inc. (KAPA: halted), plans to acquire a U.S. information technology company, PSI International Inc., for the shell's qualifying transaction. In connection with this deal, Kapa will roll back its five million shares, but it has not yet set the rollback ratio.

PSI, originally called Planning Systems International Inc., was founded in Massachusetts in 1977. It has since moved to Fairfax, Va., about an hour west of Washington. The company provides IT services, mostly to government agencies. For instance, it helps states and municipalities manage their benefit delivery systems and their reimbursement collection systems. It also offers clinical trial monitoring systems to health care companies, as well as energy management systems to building owners and operators.

PSI boasts of having provided: a terrorist/criminal tracking system to the New York Police Department; a tracking system for garbage trucks to the New York City Department of Sanitation; a "visitor management" system to the U.S. Department of Homeland Security; a flight simulation system to the National Aeronautics and Space Administration; and an application management and reporting system to cigarette companies that have sought approvals from the U.S. Food and Drug Administration.

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