FSC / Press Release
Chrysalis Capital Viii Corporation Announces Filing Of Preliminary Prospectus
And Results Of Special Meeting Of Shareholders
Toronto, Ontario CANADA, October 24, 2012 /FSC/ - Chrysalis Capital VIII
Corporation (ETE.P - TSX Venture)("Chrysalis VIII" or the "Corporation"),is
pleased to announce that it has filed a preliminary non-offering prospectus
dated October 5, 2012 with the securities commissions in Ontario, British
Columbia and Alberta in connection with its previously announced proposed
qualifying transaction (the "Transaction") with Fresco Microchip Inc. ("Fresco")
and RedMere Technology Limited ("RedMere", together with Fresco, "Spectra7
The Corporation also announces that at the special meeting of holders of common
shares of the Corporation ("Chrysalis Shareholders") held on October 22, 2012
(the "Meeting"), Chrysalis Shareholders approved all of the matters set forth in
the management information circular of the Corporation dated September 21, 2012
(the "Circular"), including certain special business items in connection with
the proposed Transaction. In particular, Chrysalis Shareholders approved: (i)
the consolidation of the common shares of the Corporation (each, a "Common
Share") by a ratio between the range of three and six pre-consolidation Common
Shares for one post-consolidation Common Share, as determined by the board of
directors of the Corporation (the "Board") in its sole discretion; (ii) a name
change to "Spectra7 Microsystems Inc." or such other name as may be accepted by
the relevant regulatory authorities and approved by the Board; (iii) the
adoption of an amended and restated stock option plan of the Corporation; and
(iv) the adoption of a restricted share unit plan of the Corporation. As
outlined in the Circular, the above four resolutions may be revoked by the
Board, at its discretion, prior to implementation, whether or not the proposed
Transaction is completed.
At the Meeting, Chrysalis Shareholders also elected Edward Anderson, Brian
Antonen, Robert Dobkin, Roger Maggs, Robert Munro and Tony Stelliga (the
"Directors") as directors of the Corporation, conditional upon, and effective as
of, the completion of the proposed Transaction.
ABOUT CHRYSALIS CAPITAL VIII CORPORATION
Chrysalis Capital VIII Corporation is The Chrysalis Capital Group Inc.'s
("TCCG") eighth capital pool company ("CPC"). TCCG is entirely focused on
generating superior shareholder returns through the creation of a series of
unique CPCs. To date, TCCG has created eight Chrysalis branded CPCs and has
assisted in the creation of four additional CPCs under TCCG's partners program.
For more information about TCCG, please visit http://www.tccg.ca.
ABOUT SPECTRA7 MICROSYSTEMS
Upon the proposed combination of Fresco and RedMere, Spectra7 Microsystems will
be a high performance analog semiconductor company focused on delivering
unprecedented bandwidth for mobile infrastructure and consumer products.
Spectra7 Microsystems is being formed to address the exponential demand for more
bandwidth and lower costs in mobile and internet infrastructure equipment,
including handsets, tablets, base stations and microwave backhaul systems.
Spectra7 Microsystems is expected to be positioned to provide new system level
analog components that will deliver unprecedented bandwidth over fiber and
copper links and address the wireless bandwidth bottlenecks in the mobile
ABOUT FRESCO MICROCHIP INC.
Fresco is a leader in RF, analog and digital semiconductors. The company's
products deliver Value Through Innovation by offering significantly lower system
solution costs at optimal performance. Fresco's patent-pending technology
transcends a broad range of consumer devices creating a fundamental paradigm
shift in the television market. Fresco's customers include top tier tuner
manufacturers who supply leading consumer electronic brands.
Fresco is currently a private company with lead investors Celtic House Venture
Partners and Ventures West Capital Ltd. The company is headquartered in
Toronto, Canada with design centers both in head office and Irvine, California.
ABOUT REDMERE TECHNOLOGY LIMITED
RedMere provides complete active-cable solutions to cable industry leaders and
manufacturing partners. In a world where connection speed increases, RedMere
enables easy to use, high quality, smart connectivity for The Home, On the Move
and The Office.
These new active cable systems deliver the ultimate in compact digital
connectivity over HDMI, DisplayPort and USB for Video and Still Cameras,
Smartphones, HDTV, Blu-Ray DVD, PS3 and Xbox, as well as enterprise solutions
using Infiniband and PCI Express.
RedMere is currently a private company with lead investors Celtic House Venture
Partners and EdgeStone Capital Partners. The company is headquartered in Cork,
Completion of the qualifying transaction (the "Proposed Transaction") is subject
to a number of conditions, including but not limited to, TSX Venture Exchange
("TSX-V") acceptance. There can be no assurance that the transaction will be
completed as proposed or at all.
Investors are cautioned that, except as disclosed in the prospectus to be
prepared in connection with the Proposed Transaction, any information released
or received with respect to the proposed transaction may not be accurate or
complete and should not be relied upon. Trading in the securities of a CPC
should be considered highly speculative.
The TSX-V has in no way passed upon the merits of the Proposed Transaction and
has neither approved nor disapproved the contents of this press release. Neither
the TSX-V nor its Regulation Services Provider (as that term is defined in the
policies of the TSX-V) accepts responsibility for the adequacy or accuracy of
Certain information in this press release may constitute forward-looking
information. This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. The Corporation assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those
reflected in the forward looking-statements unless and until required by
securities laws applicable to the Corporation. Additional information
identifying risks and uncertainties is contained in the Corporation's filings
with the Canadian securities regulators, which filings are available at
For more information, please contact:
Chrysalis Capital VIII Corporation
Robert Munro, CEO / CFO
t: (877) 272-4073
Tony Stelliga, CEO
t: (650) 670-7055
to view this press release as a webpage, please click on the following link:
Source: Chrysalis Capital VIII Corporation
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-0- Oct/24/2012 20:16 GMT
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