Vision SCMS reverse take-over transaction approved

Toronto’s Vision SCMS Inc. (formerly First Host Hotel Corp.) and Vision Logistics Group Inc. an Ontario incorporated international supply chain management software and consulting company, have jointly announced that the Canadian Venture Exchange has given the green light to their reverse take-over transaction

With the reverse take-over, Vision SCMS has acquired all of the issued and outstanding securities of Vision Logistics in exchange for equivalent post-consolidated securities of the Corporation on a one-for-one basis.

“This step represents a significant milestone in Vision’s evolution”, commented John Pedder, President and Chief Executive Officer of the Corporation. “It will accelerate our growth both organically, as well as through strategic acquisitions as Vision becomes a leading consolidator in the highly fragmented supply chain management space.”

Vision SCMS will also commence a proposed private placement offering with arm’s length subscribers to raise up to $1,000,000 through the issuance of up to 909,090 common shares at $1.10 per share.

The corporation also announced that David S. Brown, a partner at the law firm of WeirFoulds LLP practising in the area of venture capital financing, has been named its Chairman. Brown is currently the Chair of the Toronto Venture Group one of Canada’s leading non-profit organizations which facilitates venture capital financing of Canadian emerging growth companies and is also a Vice-Chair of the Licence Suspension Appeals Tribunal, a provincially appointed tribunal.

Also, of Irwin W. Pasternak has been appointed a direcctor. A co-founder of the law firm now known as Blaney McMurtry (formerly Blaney Pasternak),. Pasternak specialized in commercial, corporate and real estate law and acted for many high-profile financial and realty corporations throughout his career. Between 1973-1977, he was Chairman of the Ontario Environmental Appeal Board.

Vision SCMS Inc. and its group of subsidiaries is a global B2B (Business to Business) supply chain management (SCM) software and solutions provider based in Toronto with corporate offices in the U.K. and Melbourne and sales offices in Vancouver, Sydney, Malaysia and Singapore. The Corporation’s products are targeted for the large mid-market segment