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Shell Summary for Feb. 10, 2016

2016-02-10 20:25 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange slipped a fraction to 505.31 Wednesday. Gunther Roehlig's NEX shell, Neoteck Solutions Inc. (NEO), requested a halt yesterday to announce its acquisition plans for a language learning and messaging app called Hello Pal. The shell is acquiring the app from Hello Pal International Inc. (HPI), a company incorporated in the British Virgin Islands. Neoteck will roll back 1 for 1.5, leaving it with 25,373,977 postconsolidated shares issued, then issue 25 million postconsolidated shares to holders of HPI. It will also apply to transfer its listing to the Canadian Securities Exchange. To raise working capital, Neoteck plans to sell a $1-million private placement of 6,666,667 postconsolidated shares at 15 cents. Neoteck and HPI expect to sign a definitive deal for the acquisition by Feb. 28.

The Hello Pal mobile app enables a pair of users to chat with each other, even if they do not speak the same language. First, a user is given a list of every other Hello Pal user. He can filter this list based on age group, location, sex, nationality or language spoken, and then choose a person to chat with. To help him formulate his messages in a foreign language, there are several resources at his disposal. These include a phrase book containing 2,000 common phrases in various languages, categorized vocabulary lists and a text translator. Now he can write and send his text message. He also has another option, which is to listen to the pronunciations of foreign words or phrases, and then record a voice message for his chat pal.

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