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by Stockwatch Business Reporter
The TSX Venture Exchange closed up 5.41 points to 824.28 Thursday. Cam Deacon's suspended capital pool shell, Pounder Venture Capital Corp. (PDR), has completed its qualifying transaction by acquiring Pool Safe Inc., a maker of waterproof poolside safes. The shell rolled back 1 for 4, which left it with 1,786,922 postconsolidated shares issued, then it issued 41,451,627 postconsolidated shares to its target's shareholders.
Pool Safe is based in North York, Ont. It manufactures safes that are meant to be placed beside poolside lounge chairs at hotels, resorts, water parks and cruise ships. Each safe is about the size of a cooler, a very large cooler. The door is aluminum, and it is locked and unlocked with a PIN code, but the rest of the exterior is plastic and looks like it, especially when wrapped in advertising vinyl. The top of each safe doubles as a cupholder. Pool Safe recommends that its customers (hotels et al.) rent out the sides of the safes for advertising, hardly the look likely to appeal to hotels. It offers the service of wrapping the safe in custom-printed vinyl. In its fiscal year ended June 30, 2016, Pool Safe lost $367,815 on revenue of $60,569. In fiscal 2015, it performed slightly better, losing $39,605 on revenue of $242,623. Evidently, the buyers in 2015 were not lined up to buy more in 2016.
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