Spectral Capital Corporation
Spectral portfolio company Kontexto announces closing of company
DGAP-News: Spectral Capital Corporation / Key word(s): Miscellaneous Spectral portfolio company, Kontexto, announces closing of company Company closure effective immediately SEATTLE-(BUSINESS WIRE)-(September 30, 2015) Spectral Capital Corporation, (FCCN.QB), announced today that portfolio company Kontexto will cease operations as of today, September 30, 2015. Spectral has held an interest in Kontexto since March 14, 2013 when it purchased 8% of the issued and outstanding shares of Kontexto, Inc., a Canadian corporation. Spectral purchased the shares from a minority shareholder in exchange for 5,000,000 common shares of Spectral stock, par value $0.0001 and warrants to purchase 5,000,000 common shares at $0.85 per share, expiring on March 13, 2013. There were no commissions associated with the transaction and shares were issued to non US shareholders of a Sargas Capital, Ltd., a Canadian company. On September 30, 2015, management of Kontexto announced the closing down of the business with no cash or assets available for distribution to any shareholders, meaning Spectral will experience a total loss of our investment. Spectral is currently valuing the investment in Kontexto at $232,00.00 as of our last 10 Q dated August 12, 2015. The company expects to write this amount down to $0 as of the quarter ending September 30, 2015. “Kontexto developed very complex analytical software that fueled their 7 year run as a company. The team has a number of talented and creative people and we hope to continue to work with a few of them on our other endeavors”, stated Spectral president Jenifer Osterwalder. “Most importantly, as shareholders know that we are putting more focus on our other portfolio company, Monitr, we see real benefit in utilizing this talent pool for Monitr”. ABOUT SPECTRAL: Spectral Capital (FCCN) is a publicly traded technology startup accelerator that invests primarily in emerging and fast growth technology markets. We offer shareholders an ideal way to invest in early stage startups with the added benefit of investment liquidity through public exchanges. We acquire companies that are developing technologies and solutions to challenging business problems and needs. Spectral guides and mentors each new venture, keeping them on track and focused on growth. Spectral Capital has offices and operations in North America and Europe. PRESS RELEASE FORWARD LOOKING STATEMENT: Contact: 206-262-7820 2015-09-30 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
398795 2015-09-30 |