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Shell Summary for Nov. 26, 2015

2015-11-26 20:32 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 2.54 points to 521.73 Thursday. Chuck Lilly and Andy DeFrancesco's NEX shell, NXA Inc., has completed its reverse takeover of Taiwanese telco Ellipsiz Communications Ltd. NXA rolled back 1 for 10, which left it with 2,240,600 postconsolidated shares, then issued 159,144,700 postconsolidated shares to the holders of Ellipsiz. The resulting company began trading today on the TSX-V as Ellipsiz Communications Ltd. (ECT: $0.13).

Ellipsiz provides information technology consulting services to businesses. It is also a reseller of hardware and software products. In its fiscal year ended June 30, 2015, Ellipsiz earned $465,896 on revenues of $7.45-million. Last month, it raised $1.24-million (U.S.) in a private placement of subscription receipts at $11 (U.S.).

NXA's directors, Chuck Lilly, Andy DeFrancesco and Artur Agivaev, have resigned. The board now consists of Michael Koh (chairman), Sam Tan (president), Hans Chang (chief executive officer), Mark Yin, Elliott Jacobson and Grant Sawiak. Mr. Koh, Mr. Tan and Mr. Chang are engineers, who have been with Ellipsiz since 2007 as co-founder, Singapore managing director and general manager, respectively. Chairman Mr. Koh is also the president of Hong Kong Stock Exchange-listed Pan Asia Mining Ltd., which mines for iron ore in the Philippines, then sells it to China. The fourth director, Mr. Yin, is also an engineer. In 2010, he founded an IT consulting company in Shanghai called Jin Tao Consulting Ltd. Last year, he founded another one in California, Platina Systems Corp. The final two Ellipsiz directors are based in Ontario. Mr. Jacobson, an accountant, is also on the board of Claude Ayache's Canadian Securities Exchange-listed Surrey Capital Corp. (SYC: $0.015). Surrey Capital first listed as a junior capital pool on the TSX-V in February, 2011, with a 10-cent initial public offering. In July, 2015, it closed its acquisition of software developer Mobilman Management Inc. Mr. Sawiak, a lawyer, last week became a director of Continental Precious Minerals Inc. (CZQ: $0.30), a uranium explorer in Sweden.

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