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Shell Summary for May 24, 2016

2016-05-24 21:13 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 10.83 points to 675.31 Tuesday. Vancouver shell-packager Emprise Capital Corp.'s halted NEX shell, Quentin Ventures Ltd. (QTN), has closed its acquisition of Identillect Technologies Corp., a software developer in California. The shell, which had 7,685,015 common shares preacquisition, issued 26,157,139 common shares to Identillect's shareholders. It also issued five million preferred shares, which will convert to five million common shares if the resulting issuer yields at least $10-million of revenue in 2016.

Identillect sells an e-mail encryption software product called Delivery Trust, which is available by subscription at $5.95 (U.S.) to $10.95 (U.S.) a month. The company began recording sales in 2014. In the first half of 2015, it lost $865,773 (U.S.) on revenue of $45,873 (U.S.). Despite unimpressive sales, Identillect has been able to attract investors. This month, it sold $946,500 worth of subscription receipts at 20 cents. Over the last few months, it has also raised $2.39-million in private placements of units at an effective price of 20 cents (it sold some units at 25 cents, then later sold cheaper units to many of the same placees). After issuing 11,992,500 Quentin common shares to Identillect's financing subscribers, Quentin now has 46,134,651 common shares issued. Quentin Ventures has assumed the name of its acquisition target and will resume trading at the open tomorrow as Identillect Technologies.

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