Versatile Directors Appointed to Board of Equus Total Return, Inc.
All amounts are expressed in U.S. dollars unless otherwise stated.
Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), announces that Alessandro
Benedetti, Bertrand des Pallieres, John Hardy and Fraser Atkinson have been
elected to the Board of Directors of Equus Total Return, Inc. which is a public
company trading on the NYSE under the symbol EQS (the "Fund").
In 2009 Versatile founded Mobiquity Investments Limited ("Mobiquity") as a
subsidiary of Versatile, to engage in private equity activities. "The core
strength of our Board of Directors, in particular Alessandro Benedetti and
Bertrand Des Pallieres, is in banking and private equity activities," said John
Hardy, Chairman and CEO of Versatile. "For that reason we have undertaken these
activities. As we move forward, this diversification should be for the benefit
of Versatile's shareholders and should mitigate the effects of the current
slowdown in technology spending."
Mobiquity began acquiring shares of the Fund in late September 2009, and by the
end of February 2010 had accumulated 822,031 shares of the Fund. Currently
Mobiquity is the single largest shareholder of the Fund, holding 9.28%. In early
January 2010 Mobiquity approached the Fund's Board of Directors seeking
representation on the Board. A majority of the Fund's Board of Directors agreed
with Mobiquity's request, and on April 13, 2010, the Fund filed a definitive
Proxy statement with the Securities and Exchange Commission to, among other
things, solicit shareholders of the Fund to vote in favor of the Nominees in
connection with the Fund's 2010 Annual Meeting, which was held on May 12, 2010.
On April 14, 2010 Mobiquity filed a Schedule 13D/A (Amendment No. 1) with the
Securities and Exchange Commission and reported that the Fund had agreed to
nominate Alessandro Benedetti, Bertrand des Pallieres, John Hardy and Fraser
Atkinson, as directors of the Fund (the "Nominees") and to support the election
of the Nominees at the Fund's Annual Meeting. Shortly thereafter Sam Douglass,
then a Director of Equus and one of the founders of the Fund, who disagreed with
the majority's decision, filed a Proxy nominating an alternative slate of
Directors, triggering a lengthy Proxy battle.
On May 20, 2010 the Inspector of Elections who attended the Annual Meeting of
the Fund certified that Alessandro Benedetti, Bertrand des Pallieres, John Hardy
and Fraser Atkinson, had been elected to the Board of Directors of Equus.
On June 9, 2010 the Fund announced that John Hardy had been appointed the
Executive Chairman of the Fund, and that Fraser Atkinson had been appointed
Chairman of the Fund's Audit Committee.
"Our goal is to effect positive change at the Fund for the benefit of all the
Fund's shareholders," said John Hardy, Chairman and CEO of Versatile.
Versatile provides business solutions that enable companies to improve sales,
marketing and distribution of their products. Versatile also provides
information technology services for the implementation, maintenance and security
of mission-critical computer environments. Versatile has the ability to
architect solutions involving both proprietary and third party components. For
more information: www.versatile.com.
This document may contain forward-looking statements relating to Versatile's
operations or to the environment in which it operates, which are based on
Versatile's operations, estimates, forecasts and projections. These statements
are not guarantees of future performance and involve risks and uncertainties
that are difficult to predict or are beyond Versatile's control. A number of
important factors including those set forth in other public filings could cause
actual outcomes and results to differ materially from those expressed in these
forward-looking statements. Consequently, readers should not place any undue
reliance on such forward-looking statements. In addition, these forward-looking
statements relate to the date on which they are made. Versatile disclaims any
intention or obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise.
(C) 2010 Versatile Systems Inc. All rights reserved.