- News Release -
TSX Venture Exchange: DVV March 3, 2014
DRIVEN ANNOUNCES REVERSE TAKEOVER OF SUMMIT LEASING
March 3, 2014 – Driven Capital Corp. (TSXV: DVV) (“Driven” or the “Company”) announces that it has entered into a letter of intent ("LOI") dated February 28, 2014, to acquire all of the issued and outstanding shares of
Established in 1997, Summit is an independent finance company that originates, manages and funds commercial equipment leases. It specializes in providing vehicle and equipment financing in Canada to owner/operators, as well as to small and medium-sized businesses.
RTO SUMMARY
A valuation of Summit has been prepared by Evans & Evans, Inc., Canadian Business Valuators of Vancouver, BC, assigning a value for Summit of CAD $940,000. Driven will issue treasury shares at a deemed price of $0.025 per share (the “RTO Shares”).
In 2013 Driven shareholders approved a consolidation of its shares on a ratio of one new share for 10 old shares and a name change (the “Consolidation”), which has not yet been made effective. Immediately prior to closing of the RTO ("Closing") the Consolidation will become effective reducing the issued shares from 38,902,940 to 3,890,294.
Concurrently with Closing the Company will close a private placement of up to $800,000 at $0.05 per share.
The RTO is an arms-length transaction as defined in applicable exchange policies. A finder's fee of 200,000 shares will be issued in respect of the RTO.
RESULTING SHARE CAPITAL
Summit Leasing Corporation (“Summit”) in exchange for Driven shares (the "RTO"). At closing, the Company will
delist its shares from the TSX Venture Exchange (“TSXV”) and list its shares on the Canadian Securities Exchange
(the “CSE”) subject to completing all CSE requirements.

Value

# of Shares


Price

%
Total issued share capital (post- consolation)
3,890,294
5.95%
Allan Mackenzie - RTO Shares

$940,000 (1)
37,600,000
0.025(1)
57.50%
Allan MacKenzie - earn out shares (2)

7,700,000
11.78%
Private Placement

$800,000
16,000,000
0.05
24.47%

Finder’s shares
200,000
0.05
0.31%

TOTALS
$1,740,000
65,390,294
100.00%
1
MfG
AG
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