QCC Technologies Inc.: Conversion Of Series II Preferred Shares and Acquisition of Shares of QCC Technologies Inc.
Release Date: July 20, 2005
CALGARY, ALBERTA–(CCNMatthews – July 20, 2005) – QCC Technologies Inc. (“QCC”) (TSX VENTURE:QCC) is pleased to announce that Golden Opportunities Fund Inc. (“Golden Opportunities”) has exercised it right to convert all 280,000 of its series II preferred shares of QCC into a total of 7,847,534 common shares of QCC at the conversion price of $0.0446 per share.
QCC also announces that Lyncorp International Ltd. (“Lyncorp”), a corporation controlled by David Mullen of Calgary, Alberta, has entered into agreements for the acquisition of a total of 14,522,560 common shares of QCC. It is anticipated that the acquisition of the common shares by Lyncorp will be completed on or about July 29, 2005. Following completion of these transactions, Lyncorp will own 16,180,884 common shares of QCC, representing approximately 57% of the total number of common shares of QCC issued and outstanding. Lyncorp wishes to acquire these common shares for investment purposes. Presently, Lyncorp does not have any intention of acquiring any further securities of QCC, but may acquire ownership of or control over further securities of QCC in the future depending upon market circumstances.
FOR FURTHER INFORMATION PLEASE CONTACT:
QCC Technologies Inc.
President and CEO
(403) 242-6041The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.