Edmonton 3-D optics developer Tetratel Inc. is making a play for embattled Calgary firm VisuaLabs, which also specializes in three-dimensional technology.
The company announced that it intends to make a takeover offer for all of the issued shares of VisuaLabs. On Friday, trading was halted on the CDNX pending clarification of the company’s affairs.
The Alberta Securities Commission has a cease-trading order against VisuaLabs’ former chairman, Sheldon Zelitt, and his wife Joy, a former vice-chair of the company.
Zelitt was suspended from VisuaLabs last month under accusations of “serious misrepresentations” of the company’s leading-edge technology. Among the allegations is that he tried to pass off a purchased TV set as his high-tech innovation during an annual meeting with shareholders.
“The value of the patents owned by VisuaLabs is dependent on the state to which the actual technology development has progressed,” said Tetratel’s chief technologist Ken Tetterington. “Further review is required in order to determine whether the patent can be successfully applied to commercial products.”
The Tetratel offer is subject to a number of conditions, including acceptance of the offer by at least 662/3 per cent of the voting VisuaLabs shareholders.
Tetratel president James DuBarry added that the successful commercialization of VisuaLabs technology is highly dependent on both bringing the technology to the marketplace in a timely fashion and having a capable management team with 3D expertise.
