Satellite Overseas (Holdings) Limited Files Early Warning Report with Respect to the Acquisition of Common Shares of Targeted Microwave Solutions Inc.

Toronto, Ontario--(Newsfile Corp. - March 28, 2018) - This news release is issued pursuant to the early warning requirements of National Instrument 62-103 with respect to the common shares ("Common Shares") of Targeted Microwave Solutions Inc. (the "Company") (TSXV: TMS) (OTCQB: TGTMF) (FSE: T651).

Satellite Overseas (Holdings) Limited ("SOHL") announces that, on March 27, 2018, it acquired indirect beneficial ownership of, and control over a total of 39,834,828 Common Shares (the "Debt Settlement Shares") at a deemed price of $0.05 per share in exchange for the settlement of $1,991,741.40 of outstanding indebtedness that had previously been owing by the Company to SOHL pursuant to a loan agreement originally dated March 8, 2016 and subsequent amendments thereto. The Debt Settlement Shares are registered in the name of SOHL, Inc., as nominee for SOHL.

Immediately, following the acquisition of the Debt Settlement Shares, SOHL, together with its joint actors, had beneficial ownership of, and/or exercised control over 55,981,161 Common Shares (approximately, 49.53% of the issued and outstanding Common Shares. The Debt Settlement Shares were acquired and are being held by it for investment purposes. However, SOHL may propose changes to the Company's board of directors, as it deems appropriate. Depending on a number of factors, including market conditions, general economic and industry conditions, the Company's business, financial condition, strategic initiatives, the investment objectives, strategies and objects and restrictions of SOHL or its joint actors, as applicable, and/or other relevant factors, SOHL and/or any of its joint actors may develop such plans or intentions in the future

This news release is being issued under the early warning provisions of Canadian provincial securities legislation. A report respecting this transaction will be electronically filed with the applicable securities regulators and will be available for viewing under the Company's profile on SEDAR (www.sedar.com). A copy of this report may also be obtained by contacting the Company using the contact information below.

Contact:

Dr. James Young,
Chief Executive Officer and Chairman, of Targeted Microwave Solutions Inc. at 778 995-5833.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.