ATW Tech announces today the completion of the sale of the assets of its VuduMobile division
MONTREAL, Aug. 07, 2019 (GLOBE NEWSWIRE) — ATW Tech Inc. (the “Company” or “ATW Tech”) (TSX-V: ATW) today announces the completion of the sale of the assets of its VuduMobile division, for which the signature of a letter of intent (the LOI) was announced on July 18, 2019.The acquirer is Komutel Inc. (“Komutel”). The total sale price is $ 1,350,000, of which $300,000 was paid in advance upon the signature of the LOI; $500,000 payable 30 days after the closing and the remaining $550,000 will be paid 60 days after the closing; future payments are secured by a lien charging the purchased assets. For the last fiscal year ended December 31 2018, revenues generated by VuduMobile represented 4.5% of ATW Tech’s total revenues.
“We are pleased to have completed this very profitable transaction as planned. As outlined in our July 18, 2019 press release, this is part of our strategy and the fund will be used to finance and focus our activities and resources in the financial technologies sector (fintech),” said Michel Guay, President and Chief Executive Officer of ATW Tech”.
Komutel President, Richard Poulin added: “The acquisition cost of VuduMobile at 1.35 times the revenues, coupled with a strong order book was fair and reasonable for both parties. In addition, VuduMobile’s capabilities complement Komutel’s existing notification offering and represent a significant value add for all our customers”.
ABOUT ATW TECH
ATW Tech is a leader in financial technologies (‘fintech’), owner of several web platforms including VoxTel, VuduMobile, Option.vote and Bloomed. VoxTel offers various interactive communication, landline and mobile carrier billing phone solutions. VuduMobile is specialized in text messaging for enterprises through its unique, user-friendly and bilingual text messaging application and turnkey solutions. Option.vote offers a large scale, customizable, and secure multi-method voting system for unions, political parties, professional associations, and others looking for a way to reduce their voting costs and to improve their participation rates. 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.
Komutel is a high tech company that specializes in the development and marketing of highly innovative telecommunications and interoperability solutions. Komutel is a North American leading public security player for: call distribution (PSPA), radio and telephony call recording, notifications to fire services, medical teams and all other types of emergency services. It stands out for the user-friendliness and flexibility of its products.
Founded in 2001, Komutel is a privately held company serving more than 3,000 customers whose satisfaction is our number one priority.
Additional information about ATW Tech is available on SEDAR at www.sedar.com
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