Shell Summary for Jan. 23, 2018

by Stockwatch Business Reporter

The TSX Venture Exchange closed up 1.34 points to 899.92 Tuesday. Robert Meister's first capital pool shell, the halted Cabernet Capital Corp. (CAB), plans to invest in two Asian tech companies for the shell's qualifying transaction. First, it is acquiring 5 per cent of the shares of a Singaporean company, EVVO Labs Pte. Ltd., for $1.5-million cash. (Last month, the shell sold a $2-million private placement at 10 cents, so it has enough money to spend on EVVO's shares.) Second, the shell is acquiring unsecured convertible bonds of a Korean company called Fourth-Link Co. Ltd. The bonds have a face value of 2.5 billion South Korean won or $2.89-million. To acquire the bonds, Cabernet Capital, which has 25,071,250 shares issued, will issue 42 million shares to Fourth Link.

EVVO offers information and communication technology services, such as cloud backup and data protection, cybersecurity, mobile app development, and live streaming and webcasting. It was formed in 2008 by Ryan Wong, a marketing man. In the 1990s, Mr. Wong ran an interior design company that operated in Singapore and Malaysia. He sold his interest in that business in 1999. Since then, he has dabbled in various ventures, including a juice store and a mosquito repellent manufacturer. These days, aside from being the chief executive officer of EVVO, he is also a director of two Singaporean real estate developers and of a capital advisory firm called Nanyang Ventures Pte. Ltd.

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