Toronto, Ontario--(Newsfile Corp. - October 5, 2016) - Pursuant to a private share purchase transaction (the "Transaction") with an existing shareholder of Miles Technology Inc. (the "Company"), Nick Tsimidis, who is located c/o APTN Property Development Corp., 1-71 Marycroft Avenue, Vaughan, Ontario, L4L 5Y6, acquired direct ownership over 130,000 common shares of the Company ("Miles Shares") for $0.01 per Miles Share on October 5, 2016. Prior to the completion of the Transaction, Mr. Tsimidis owned, directly and indirectly, 1,200,100 Miles Shares representing approximately 42.9% of the issued and outstanding Miles Shares. Upon completion of the Transaction, Mr. Tsimidis directly owns an aggregate of 1,330,100 Miles Shares representing approximately 47.6% of the Miles Shares on a non-diluted basis. The securities were acquired for investment purposes. Mr. Tsimidis has a long-term view of the investment and may, depending on market and other conditions, or as future circumstances may dictate, from time to time, on an individual or joint basis, increase or dispose of some or all of the existing or additional securities she holds or will hold, or may continue to hold his current position. Depending on market conditions, general economic and industry conditions, the Company's business and financial condition and/or other relevant factors, Mr. Tsimidis may develop such plans or intentions in the future.
Pursuant to a private share purchase transaction (the "Transaction") with an existing shareholder of the Company, Vincenzo Abate, who is located c/o APTN Property Development Corp., 1-71 Marycroft Avenue, Vaughan, Ontario, L4L 5Y6, acquired direct ownership over 130,000 Miles Shares for $0.01 per Miles Share on October 5, 2016. Prior to the completion of the Transaction, Mr. V. Abate owned, directly and indirectly, 975,000 Miles Shares representing approximately 34.9% of the issued and outstanding Miles Shares. Upon completion of the Transaction, Mr. V. Abate directly owns an aggregate of 1,105,000 Miles Shares representing approximately 39.5% of the Miles Shares on a non-diluted basis. The securities were acquired for investment purposes. Mr. V. Abate has a long-term view of the investment and may, depending on market and other conditions, or as future circumstances may dictate, from time to time, on an individual or joint basis, increase or dispose of some or all of the existing or additional securities she holds or will hold, or may continue to hold his current position. Depending on market conditions, general economic and industry conditions, the Company's business and financial condition and/or other relevant factors, Mr. V. Abate may develop such plans or intentions in the future.
Pursuant to a private share purchase transaction (the "Transaction") with an existing shareholder of the Company, Paolo Abate, who is located c/o APTN Property Development Corp., 1-71 Marycroft Avenue, Vaughan, Ontario, L4L 5Y6, acquired, through the acquisition by Mr. V Abate noted above, shared control and direction over 130,000 Miles Shares for $0.01 per Miles Share on October 5, 2016. Prior to the completion of the Transaction, Mr. P. Abate owned, directly and indirectly, and shared control and direction over an aggregate of 1,225,100 Miles Shares representing approximately 43.8% of the issued and outstanding Miles Shares. Upon completion of the Transaction, Mr. P. Abate owns, directly and indirectly, and shares control and direction over an aggregate of 1,355,100 Miles Shares representing approximately 48.5% of the Miles Shares on a non-diluted basis. The securities were acquired for investment purposes. Mr. P. Abate has a long-term view of the investment and may, depending on market and other conditions, or as future circumstances may dictate, from time to time, on an individual or joint basis, increase or dispose of some or all of the existing or additional securities she holds or will hold, or may continue to hold his current position. Depending on market conditions, general economic and industry conditions, the Company's business and financial condition and/or other relevant factors, Mr. P. Abate may develop such plans or intentions in the future.
A copy of the three Early Warning Reports filed under applicable Canadian provincial securities legislation in connection with the shareholdings in the Company of Messrs. Tsimidis, P. Abate and V. Abate may be found at www.sedar.com under the Company's profile.
For further information on this press release and to obtain a copy of the early warning report please contact the following:
Nick Tsimidis
CFO & Secretary
Miles Technology Inc.
Telephone: 289.371.3080
Email: ntsimidis@nstprofessionalcorp.com
