Nuri Telecom Company Limited Announces Take-Up of Over 90% of Apivio Shares and Subsequent Compulsory Acquisition Process

VANCOUVER, May 16, 2017 /PRNewswire/ – Nuri Telecom Company Limited (“Nuri“) announced today that, in addition to the 47,887,785 common shares (“Apivio Shares“) of Apivio Systems Inc. (“Apivio“) acquired by 1101324 B.C. Ltd. (the “Offeror“), a wholly-owned subsidiary of Nuri, as of the expiry of the initial deposit period for the Offeror’s offer (the “Offer“) on May 2, 2017, the Offeror has acquired 1,978,988 Apivio Shares during the mandatory 10-day extension of its Offer that expired at the close of business on May 12, 2017.  Taken together with the 2,642,176 Apivio Shares purchased in the market by the Offeror during the course of the Offer, the Offeror now holds 52,508,949 Apivio Shares representing approximately 95.6% of the outstanding Apivio Shares.

With over 90% of the outstanding Apivio Shares, excluding shares owned by the Offeror, having been tendered to the Offer, the Offeror intends to commence the process to exercise its statutory rights under the compulsory acquisition provisions of s. 300 of the Business Corporations Act (British Columbia) to acquire the 2,425,587 Apivio Shares not tendered to the Offer (the “Remaining Shares“). Under the terms of the compulsory acquisition, the holders of Remaining Shares will be offered the same $0.45 in cash offered under the Offer for each Remaining Share.

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