02:13:50 EDT Sat 08 Aug 2020
Enter Symbol
or Name
USA
CA



GTO Resources Inc
Symbol GTR
Shares Issued 23,801,907
Close 2014-05-28 C$ 0.10
Recent Sedar Documents

ORIGINAL: GTO Resources to pay $3.6-million for ACL of Maryland

2014-05-29 17:39 ET - News Release

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File: PR - GTO Enters into Share Exchange Agreement.pdf

                               GTO RESOURCES INC.
FOR IMMEDIATE RELEASE                                                               TSX Venture Exchange Symbol: GTR

                 GTO RESOURCES INC. ENTERS INTO SHARE EXCHANGE AGREEMENT

VANCOUVER, British Columbia, Canada May 29, 2014 - Further to its news release dated April 21, 2014, GTO
Resources Inc. (the "Company" or "GTO") wishes to provide the following update.

The Company has executed a definitive share exchange agreement with A.C.L. Computers and Software Inc.
("ACL") effective May 23, 2014 to issue 72,000,000 common shares at $0.05 per share, for an aggregate purchase
price of $3,600,000 to acquire all the issued and outstanding shares of ACL Computers & Software Ltd. of
Maryland. The parties expect to close the share exchange transaction promptly following receipt of shareholder and
regulatory approvals.

ACL was incorporated on February 15, 1994 and provides a wide range of technology integration solutions,
principally to major United States government contractors such as Lockheed Martin and Boeing, among many
others. ACL is one of only 30 Tier 1 Resellers authorized to buy MCM products directly from the manufacturer or
distributor. All resellers that are Tier 2 or lower are required to purchase directly from an MCM Tier 1 reseller such
as ACL. Shortly after acquiring the Tier 1 status, ACL won two MCM contracts with a combined value of over
$16,000,000 in revenue and is actively pursuing many other new opportunities.

Upon completion of the acquisition of ACL, the Company will dispose of its existing mining assets. The Company
has applied to the Canadian Securities Exchange for the listing of its common shares with a view to eventually
delisting from the TSX Venture Exchange.

Upon completion of the share exchange transaction, the directors of the Company will be Adam Radly, Robert
Bates, Chip Hackley, and Randy Clifford. Mr. Radly is currently the CEO of Xumanii International Holdings Corp.,
Mr. Bates is the CFO of Xumanii International Holdings Corp., and Mr. Hackley is the CEO of Hermosa Capital
Management LLC.

Contact:            Randy Clifford
                    Chief Financial Officer
                    Tel: (780) 466-6006

This news release may contain certain forward-looking statements that reflect the current views and/or expectations of G
--->TO with
respect to its performance, business and future events. Investors are cautioned that all forward-looking statements invo
--->lve risks
and uncertainties, including, without limitation, statements regarding the outlook for future operations, forecasts of f
--->uture costs
and expenditures, evaluation of market conditions, the outcome of legal proceedings, the adequacy of reserves or other b
--->usiness
plans. Investors are cautioned that any such forward-looking statements are not guarantees and may involve risks and
uncertainties, and that actual results may differ from those in the forward-looking statements as a result of various fa
--->ctors, such
as: general economic and business conditions, including changes in interest rates, prices and other economic conditions;
---> actions
by competitors; natural phenomena; actions by government authorities, including changes in government regulation; uncert
--->ainties
associated with legal proceedings; technological development; future decisions by management in response to changing
conditions; the ability to execute prospective business plans; and misjudgments in the course of preparing forward-looki
--->ng
statements. These risks, as well as others, could cause actual results and events to vary significantly. GTO does not un
--->dertake
any obligation to release publicly any revision for updating any voluntary forward�looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
 


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