Vancouver, British Columbia (FSCwire) - Global Remote Technologies Ltd. ("Global Remote Technologies" or the “Company”) (CSE:RGT) is pleased to announce that the Company has today closed the purchase transaction pursuant to the Corporate Opportunities Purchase Agreement (the “Purchase Agreement”) previously announced on September 10, 2015 with Kane Smith, President and a director of the Company.
Pursuant to the Purchase Agreement, Mr. Smith agreed to sell, assign, transfer, convey and deliver to the Company all of his right, title and interest in and to certain assets and rights (collectively, the “Assets”) as described in the Purchase Agreement, including the Trinity Energia Contract dated July 1, 2015. In consideration of the sale by Mr. Smith of the Assets, the Company paid him an aggregate purchase price of $900,000, by issuing 5,000,000 common shares of the Company at a deemed price of $0.18 per share (the “Securities”). The Securities are subject to certain resale restrictions as set out in a stock restriction agreement executed by Mr. Smith.
About Global Remote Technologies
Global Remote Technologies focuses on the deployment of emerging technologies for the energy sector. The Company has licensed multiple patent pending tools for the oil and gas industry, which are currently being assembled for release in later 2015. Using its advanced engineering and leadership experience, Global Remote Technologies brings cutting edge processes and technology to the oil patch. Its remote sensor packages transmit telemetry from drilling and production sites in real time to a central server where it is viewed in the cloud. The systems are designed to provide key personnel an early warning system to avoid equipment failures or costly compliance fines. Global Remote Technologies collects and communicates vital information on the status of equipment, tanks, and pipelines for exploration, production, and transmission of oil, gas and water. The Company is headquartered in Vancouver, BC, with offices in Denver, Colorado and Houston, Texas.
Further information about Global Remote Technologies is available under its profile on the SEDAR website, www.sedar.com, on the CSE website, www.thecse.com, and on the Company's website, www.grtcse.com.
For further information on Global Remote Technologies, please contact:
Chris Dorris
Director and CEO
Telephone: +1 888.381.3222
Email: info@grtcse.com
Website: www.grtcse.com
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation. The forward-looking information is based on certain key expectations and assumptions made by the management of Global Remote Technologies. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward- looking information because the Company cannot provide any assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/globalremote09182015.pdfSource: Global Remote Technologies Ltd. (CSE:RGT) https://www.grtcse.com/index.html
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