AtmanCo inc. announces today the signature of a letter of intent for the acquisition of all of the outstanding shares of VuduMobile Inc.
MONTREAL, QUEBEC–(Marketwired – Aug. 16, 2017) – AtmanCo inc. (“AtmanCo” or the “Company”) (TSX VENTURE:ATW) announces today the signature of a letter of intent for the acquisition of all of the outstanding shares of VuduMobile Inc. (“VuduMobile”).
VuduMobile in a well-established company in the text messaging business for enterprises through its unique, user-friendly and bilingual test messaging application et turnkey solution allowing management of text message management programs in all kind of businesses. Among others, VuduMobile was recently awarded a contract with Régie de l’Assurance Maladie du Québec following a tendering process for SMS alert services for appointments in Quebec medical clinics.
The letter of intent contemplates a purchase price of $600,000 and is subject to certain adjustments. No commission is payable and no change of control will result.
“We are proud to come to an agreement with VuduMobile on this strategic acquisition that would allow us to consolidate our position in the fast-growing text messaging and mobile marketing business, improve the quality of our products and our text messaging technologies as well as adding up to our team expertise in this promising market,” said Michel Guay, President and CEO of AtmanCo.
The closing of this transaction between AtmanCo and VuduMobile, which are dealing at arm’s length, is conditional among other things on AtmanCo carrying out a satisfactory due diligence on VuduMobile, obtaining financing with size, terms & conditions to be determined and obtaining all necessary regulatory approvals. Closing of the transaction is expected on or about October 31, 2017.
Forward-Looking Statements Disclaimer
Certain statements in this press release may be forward-looking. Such statements include those with respect to the closing of the acquisition of VuduMobile, the closing date thereof, the potential effect of that acquisition on the Company, the Company’s ability to raise funds and the use of the proceeds raised thereunder. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) All of the conditions for the transaction will be met. In particular, AtmanCo will complete a satisfactory due diligence on VuduMobile’s operations, finances, legal condition, etc., (ii) AtmanCo and VuduMobile’s shareholders will successfully negotiate and enter into a purchase agreement and other documents relating to the transaction, (iii) AtmanCo will successfully obtain the necessary regulatory approvals for the acquisition of VuduMobile on commercially-acceptable terms, (iv) the acquisition of VuduMobile will allow AtmanCo to achieve the anticipated synergies, in particular with respect to VuduMobile’s clientele, products and geographic markets, (v) AtmanCo will be successful in its efforts to identify and secure investors for its financing and (vi) AtmanCo’s management will not identify and pursue other business objectives using the proceeds of the financing. Factors that could cause actual results to differ materially from expectations include (i) the discovery in the course of the due diligence of negative factors with respect to VuduMobile that would prevent AtmanCo from proceeding with the acquisition, (ii) the failure of the negotiations between the parties with respect to the final documentation, (iii) the Company’s inability to achieve the anticipated synergies for any reason, including the refusal of VuduMobile’s clients to refuse to acquire AtmanCo’s services or technical issues that prevent the integration of AtmanCo’s systems with those of VuduMobile, (iv) the Company’s inability to secure investors for its financing, (v) the Company’s inability to make effective use of the funds raised for its financing, (vi) the Company’s inability to obtain the necessary regulatory approvals for the acquisition or its financing, (vii) labour disputes or the materialization of similar risks, (viii) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis and (ix) generally, the Company’s inability to develop and implement a successful business plan for any reason.
A description of other risks affecting AtmanCo’s business and activities appears under the heading “Risks Factors and Uncertainty” on pages 9 and 10 of AtmanCo’s 2016 annual management’s discussion and analysis, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that AtmanCo will derive therefrom. In particular, no assurance can be given as to the future financial performance of AtmanCo. AtmanCo disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event, except as required under applicable law. The reader is warned against undue reliance on these forward-looking statements.
Additional information regarding the Company is available on SEDAR.
The TSX Venture Exchange and its Regulatory Services provider (as per meaning assigned to this term in TSX Venture Exchange’s policies) bear no liability as to the relevance or accuracy of this press release.
AtmanCo (TSX VENTURE:ATW) is a leader in information technology, owner of several web platforms including VoxTel, Québec Rencontres, Atman and Bloomed. VoxTel offers various interactive landline and mobile phone solutions, as well as carrier billing and SMS features. Quebec Rencontres is a web and mobile social network application catered to building serious and sustainable relationships. Atman and its APIs enable companies to optimize their human capital. Bloomed is a cloud-based platform to manage data (smart data) on consumers and their behaviors, which is developed for marketing agencies and their campaigns for the consumer and corporate markets.