Torino Power Solutions Receives CSE Conditional Listing Approval in Connection with its Reverse Take-Over by KABN North America
Toronto, Ontario--(Newsfile Corp. - April 22, 2020) - Torino Power Solutions, to be renamed KABN Systems NA Holdings Corp. (CSE: TPS) (the "Company"), that will be a North American Fintech solutions company enabling users to verify, manage and monetize their digital identity, is pleased to announce that it has received conditional approval from the Canadian Securities Exchange (the "CSE") in connection with its reverse take-over (the "RTO") by KABN Systems North America Inc. ("KABN North America") (www.kabnsystemsna.com) and related Listing Application.
KABN North America has its own, proprietary, reusable and Always On digital identity and is developing digital identity solutions that will integrate and work with other identity partners within healthcare, eSports and gaming, social media, education, government as well as other information and data services. KABN North America's solutions mimic real world applications and make digital identity management easy and simple.
KABN North America provides authenticated digital identity to online consumers and commercial clients and recently introduced Liquid Avatar (www.liquidavatar.com), a high quality image based icon that provides an innovative way for consumers to manage and control their online digital identity as easily as managing their "real world" wallet and key rings.
Liquid Avatar allows consumers to share both public and private authenticated information online how they want, when they want and with whom they want.
Liquid Avatar is available to consumers at no cost and KABN North America has engagement-based revenue programs built into the platform, including KABN KASH, KABN North America's prepaid Visa card and mobile banking solution.
KABN North America entered into a Definitive Agreement with the Company in which the Company will acquire all of the issued and outstanding shares in the capital of KABN North America and that will constitute a fundamental change of the Company. All necessary shareholder approvals have been received by the Company and KABN North America.
The conditions required to complete the listing of the post-RTO shares of the Company include the closing of the RTO, the closing of the proposed private placement by KABN North America and the completion of any and all outstanding CSE application documentation and payment of fees pursuant to their policies. The Company does not expect that it will have any issues in satisfying these requirements.
KABN North America recently held an online AMA (Ask Me Anything) Event to provide details about its business programs. A recording of the event is available at:
About KABN Systems North America Inc. - www.kabnsystemsna.com
KABN North America operates the North American programs of the global KABN Network. The KABN Network provides a holistic approach to digital identity management by empowering consumers with its verification, management and monetization solutions. KABN ID provides an Always On patent-pending identity validation and verification platform, allowing users to continuously and confidently prove themselves to the online community, Exchanges and other services. KABN North America's identity services provide the backbone to its financial, loyalty and engagement programs including the Pegasus Flyte prepaid Visa card program and KABN KASH, an innovative cash back program where users are connected to major merchants for savings when they shop. The Company will carry on the business of KABN North America under the name KABN Systems NA Holdings Corp. following completion of the RTO.
The KABN Network recently introduced Liquid Avatar (www.liquidavatar.com) which provides consumers with a robust Digital Identity Management platform at no cost, to effectively mimic a "real world" wallet and key chain, allowing effective control and management over both public and private identity and data.
Trading in the shares of the Company will remain halted until all the requirements of the CSE have been met and the resumption of trading is approved by the CSE.
For more information on KABN North America please contact:
KABN Systems North America Inc.
Ben Kessler, CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Completion of the RTO is subject to a number of conditions. There can be no assurance that the Proposed Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or listing statement of the Company to be prepared in connection with the RTO, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of KABN North America in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Not for Release in the United States
Forward-Looking Statements: Except for any historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "will", "to", "plan", "expect", "believe", "anticipate", "intend", "could", "would", "estimate", or "continue", or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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