Jan. 4, 2011 (Canada NewsWire Group) --
VANCOUVER, Jan. 4 /CNW/ - Digital Shelf Space Corp. (TSX VENTURE EXCHANGE: "DSS.V") ("Digital Shelf Space" or the "Company"), formerly Palatine Capital Corp. ("Palatine"), is pleased to announce that it has closed its Qualifying Transaction ("QT") pursuant to Exchange Policy 2.4, between Palatine and Pypeline Health Inc. dba Digital Shelf Space ("Pypeline"), and related equity financing. The common shares of Digital Shelf Space are expected to commence trading on the TSX Venture Exchange (the "Exchange") at the open of the market today as a Tier 2 Technology Issuer under the new trading symbol "DSS.V".
CEO and President of Digital Shelf Space Jeff Sharpe stated: "We are very excited to close our qualifying transaction and move our business forward under our new name Digital Shelf Space and we look forward to implementing our exciting and strategic growth plan over the next 12 to 24 months. We recently launched our first project GSP RUSHFIT (www.gsprushfit.com) starring Georges St-Pierre on December 10, 2010, and we will be sharing some exciting information and details about this project in upcoming news releases".
Pursuant to the QT, the Company acquired all of the 44,437,014 issued and outstanding Pypeline common shares in exchange for 29,999,416 common shares in the Company.
In connection with the QT, the Company completed a private placement of 6,786,327 units at a price of $0.15 per unit for gross proceeds of $1,017,949.05 (the "QT Financing"). The Company intends to use the funds from the financing to support production of celebrity branded video content, marketing and distribution, working capital and for general corporate purposes.
Following closing of the QT, Palatine changed its name to "Digital Shelf Space Corp." and will be governed by the provisions of the British Columbia Business Corporations Act.
All of the company's existing directors and officers, with the exception of Thomas Lamb and John Sutherland, resigned as directors and/or officers of the Company. The following individuals were appointed to the Company's board of directors: R. Hector MacKay-Dunn, Q.C. and Jeffrey Sharpe. The board has appointed Jeffrey Sharpe as the Chief Executive Officer, David Bogart as Vice President of Marketing and Media, and Jason Pamer as Vice President of Product Development.
Please refer to the Company's November 16, 2010 Filing Statement (the "Filing Statement") and November 3, 2010 News Release for further information about the Company, the QT, and related transactions. A copy of the Filing Statement is available under the Company's profile at www.sedar.com.
About Digital Shelf Space
Digital Shelf Space is an independent producer of home entertainment content and online delivery technology provider to digital retailers, content owners and aggregators. Digital Shelf Space's proprietary technology platform has been custom built to deliver home entertainment content directly to consumers. The platform blends e-commerce functionality and paid DVD, digital download and streaming video delivery. Please visit www.gsprushfit.com to view our recently launched project with Georges St-Pierre.
ON BEHALF OF THE BOARD
Chief Executive Officer
Forward Looking Statements
The matters discussed in this press release include forward-looking statements, including those regarding the timing of our upcoming content slate. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including the substantial investment of capital required to produce and market video and entertainment productions, increased costs for producing and marketing entertainment programming, budget overruns, limitations imposed by our financing abilities, unpredictability of the commercial success of our programming, the cost of defending our intellectual property, difficulties in integrating technological changes and other trends affecting the entertainment industry, and the 'risk factors' as set forth in Digital Shelf Space's Filing Statement, filed on SEDAR on November 16th, 2010. As a result, these statements speak only as of the date they were made and Digital Shelf Space undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless such updates or revisions are required by applicable law. Words such as "expects," "intends," "plans," "projects," "believes," "estimates," and similar expressions are used to identify these forward-looking statements.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Investor relations contact:
Tel: (604) 736-7977 Email email@example.com