Pinetree Capital Announces Closing Of Acquisition Of 25% Interest In Parallel Computing Virtual Accelerator Sviral, Inc.
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TORONTO, Canada (June 30, 2014) Pinetree Capital Ltd. (TSX: PNP) Pinetree Capital announces that, on June 27, 2014, it completed its acquisition of a 25% interest (40% partially diluted) in Sviral, Inc., through the purchase of 10 million shares of Series B Preference Stock and 10 million Series B Preferred Stock warrants of Sviral. As consideration for the US$5,000,000 purchase price for the securities, Pinetree paid US$500,000 in cash and issued 10,975,610 common shares to Sviral, representing approximately 6.2% of the total number of Pinetree’s common shares outstanding prior to the closing date.
Sviral is a private company headquartered in Sunnyvale, California that is working towards solving one of the primary problems in computer science – the inability of programmers to effectively utilize the full capacity of each central processing unit. Sviral’s technology aims to enable the creation of a new category of applications that can utilize all available processing cores and enables simple, efficient, and high performance for processing complex streams of data.
“We are excited to be working with Pinetree” states Paul Master, co-founder of SVIRAL Inc. “We have both recognized that the cloud is undergoing a radical and rapid transformation where Mobile and Big Data are becoming just two different sides of the same coin. Pinetree’s vision and funding will allow SVIRAL to deploy its first set of products which will seamlessly combine the underutilized computing resources of the mobile edge and the underutilized computing resources of the centralized data center cloud.”
“The SVIRAL team has been working together for more than a decade, tackling one of the most difficult problems in computer science”, says Mathew Wilson, Vice President at Pinetree Capital. “Parallel computing will be a primary enabled for the next wave of technology innovation. We are excited to be involved as SVIRAL begins to integrate into the marketplace”.
Pinetree issued an additional 4,661,246 common shares on June 27, 2014, representing approximately 2.6% of the company’s common shares outstanding prior to that date, as consideration for two other investments made by the company. All of the common shares issued for the investments had an effective price of Cdn$0.45 per share.
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