Ottawa, Ontario October 19, 2017: The Board of Directors of Argus Worldwide Corp. (www.argusworldwide.com) and VMS Rehab Systems, Inc. (www.vmsrehabsystemsinc.com) jointly report on the completion of an Agreement signed late in Q1 2017. The Agreement supercedes a proposed transaction between the two firms that was tentatively agreed between the Parties in late 2016.
Under the terms of a new agreement signed on March 29th, 2017, VMS has agreed to transfer to Argus a block of 17,005,000 Class A ordinary voting shares and 55,000 Class B multiple voting shares of Dutch based generic drug developer BioPharmcor BV. At the same time, Argus has transferred to VMS a block of Class A voting shares and share options and has returned to VMS’ Treasury a block of 120,000,000 Class A VMS shares that would have given Argus control over the 20 year old health products company.
In addition, Argus has agreed to enter into a 3 year funding agreement with VMS Rehab Systems Inc. to invest up to US $1.5 million to assist the company in building out its new E-Commerce platform for quality of life healthcare products and other internet based health services.
Established in 1998, as a manufacturer and distributor of Home Healthcare products, VMS Rehab Systems, Inc. is headquartered in Ottawa, Canada. The shares of VMS Rehab Systems, Inc. are listed on the US OTC Pink Current Market (Symbol: VRSYF).
Argus Worldwide Corp. is a portfolio management and investment firm headquartered in Cheyenne, Wyoming, with affiliated offices in Ottawa, Canada, Warsaw, Poland and Amsterdam, The Netherlands. Shares of Argus Worldwide Corp. are listed on the US OTC Pink Current Market (Symbol: ARGW).
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
For more information contact:
VMS Rehab Systems, Inc.