DRM.P Drm Ventures

TORONTO, Oct 6 /CNW/ -- SYMBOL:DRM.P TORONTO, Oct 6 /CNW/ - DRM Ventures Inc. ("DRM") (TSX-V:DRM.P) announced today that it has entered into an agreement in principal with Tellurian Healthcare Business Services ("Tellurian") in respect of a proposed "qualifying transaction" for the purposes of the policies of the TSX Venture Exchange (the "Exchange"). Under the letter agreement it is proposed that DRM, a capital pool company listed on the Exchange, will acquire all of the issued and outstanding securities of Tellurian or complete some other form of transaction that has the same effect. Shares of Tellurian will be exchanged for shares of DRM at a price of $0.20 per share, such that following the exchange, current holders of DRM shares will hold approximately 24% of DRM shares and current holders of Tellurian shares will hold approximately 76% of the DRM shares. Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. The parties have agreed to commence due diligence and apply for a waiver of sponsorship from the Exchange or to find a sponsor for the transaction if a waiver is not granted. Tellurian is a private healthcare business services company located in Vancouver, BC with offices in Irvine, California. Tellurian provides a wide range of business services to physician practices including specialized systems which aim to increase profits and revenues to physician practices. In the United States, recent and continuous changes to healthcare regulation have created additional opportunities for Tellurian's services. A press release with further particulars relating to the proposed transaction will follow in accordance with the policies of the Exchange. Additionally, DRM is pleased to announce the appointment of Paul Stinson to the board of directors. Stinson is currently President of Capra Consulting International Inc., where he advises global healthcare companies. His previous experience includes (i) Director General of Human Proteome Organisation (HUPO) where he established an international scientific consortium, (ii) Executive Director of BC Biotech from 2001 to 2004 where he helped secure British Columbia's recognition as a leader in Life Sciences, and (iii) Managing Director of Boehringer Mannheim (BMI) where he initiated strategic alliance negotiations for BMI with an Indian partner, resulting in a merger between BMI and a major Indian healthcare conglomerate. "Paul has a deep understanding of global healthcare, we are excited about the energy and intensity he brings to the board," said Amin Khalifa, Chairman of DRM. In connection with Mr. Stinson's appointment to the board he acquired 50,000 shares of DRM from one of the existing directors of DRM, which shares are subject to escrow. Mr. Stinson's appointment follows Michael Salter's resignation from the board of directors. DRM would like to thank Mr. Salter for his efforts on the board. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements that are based on DRM's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and DRM undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances. pAmin Khalifabr/Chief Executive Officerbr/DRM Ventures Inc.br/a href="mailto:aminkhalifa@mac.com"aminkhalifa@mac.com/a/p

Copyright