Datametrex AI Limited (the “
Company” or
Datametrex”) (
TSXV: DM)
(
FSE: D4G) is pleased to announce that it entered
into a binding letter of intent (
“LOI”) on August
21, 2019 to acquire all of the outstanding shares of Semeon
Analytics Inc. (“
Semeon”), a Montreal based AI
company specializing in voice of customer (
“VOC”)
(the
“Transaction”). Semeon’s clients include
fortune 500 companies such as Desjardins Insurance, Healthcare of
Ontario Pension Plan (HOOPP), Group Dynamite, and Ubisoft The
Transaction is also expected to create substantial synergies with
Datametrex’s portfolio company Nexalogy. This is expected to come
in the form of cross-selling opportunities, cost savings, and
amassing some of the brightest minds within the data analytics
industry under one roof.
Pursuant to the terms of the LOI, Datametrex
will acquire all of the issued and outstanding shares of Semeon for
a purchase price of $3 million (the “Purchase
Price”) payable by a combination of cash and common shares
of Datametrex (the “Shares”).
The Shares will be issued at a deemed issue
price equal to the greater of (a) $0.05 per Share; and (b)the
volume weighted average trading price of the Shares on the TSX
Venture Exchange for the ten (10) days prior to the closing of the
Transaction (the “Closing Date”).
Datametrex intends to fund the cash portion of
the purchase price by completing a non-brokered private placement
of debt or equity securities (the “Private
Placement”). The allocation of the purchase price between
cash and Shares will be determined based on the amount of gross
proceeds Datametrex raises in the Private Placement. If Datametrex
raises up to (i) $3 million but not less than $2 million, 30% of
the purchase price will be comprised of cash, (ii) $4 million but
not less than $3 million, 40% of the purchase price will be
comprised of cash; and (iii) $5 million but not less than $4
million, 50% of the purchase price will be comprised of cash.
In addition to the purchase price, the
shareholders of Semeon will be entitled to receive an earn-out
bonus payment of up to $1,750,000, in the aggregate, based on
Semeon achieving certain revenue milestones in each of the first
three years following the Closing Date
The Transaction is subject to the Corporation
and Semeon entering into a definitive acquisition agreement (the
“Acquisition Agreement”) which shall contain customary terms and
conditions for a transaction of this nature. Completion of the
Transaction is also subject to number of conditions, including but
not limited to, satisfactory due diligence review, board approval
of each of Datametrex and Semeon, shareholder approval of Semeon
(if required) and all regulatory approvals including approval from
the TSX Venture Exchange.
“I am thrilled to announce signing this binding
LOI with Semeon. We have been looking for an AI and machine
learning company that would compliment Nexalogy and diversify the
Company’s revenue stream. Nexalogy does great work with Government
and Military clients focusing on the collection and analysis of
unstructured data. Semeon has a very powerful AI, analytics, and
reporting platform that focuses on structured data providing its
clients with precise Voice of Customer analytics. Semeon has done a
fantastic job securing many fortune 500 companies as clients and
will provide Datametrex an additional platform to sell to our
clients.” Says Andrew Ryu, CEO and Chairman of the Company.
“DataMetrex has demonstrated its ability to
acquire and integrate companies with great success, and its
acquisition of Semeon Analytics is a clear endorsement of our
strategy and powerful Text Analytics platform” said David Lavoie,
CEO of Semeon Analytics Inc
The terms of the transaction were negotiated by
the parties, which are at arm’s length. No broker fee or
commission is payable in connection with the Transaction.
About Semeon Analytics Inc.
Semeon is an AI-powered text analytics platform.
It is designed to supercharge data scientists and analysts,
allowing them to uncover reliable intelligence for any use case.
Founded in 2013, Semeon combines deep semantic analysis with the
highest quality sentiment and intent analysis and brings a unique
set of features that are poised to change the market landscape
dramatically.
About Datametrex
Datametrex AI Limited is a technology focused
company with exposure to Artificial Intelligence and Machine
Learning through its wholly owned subsidiary, Nexalogy
(www.nexalogy.com) and Implementing Blockchain technology for
secure Data Transfers through its investee company, Graph
Blockchain (www.graphblockchain.com).
For further information, please
contact:
Andrew Ryu – Chairman & CEOEmail:
aryu@datametrex.comPhone: 416 - 482 - 3282
Forward-Looking Statements
This news release contains “forward-looking
information” within the meaning of applicable securities
laws. All statements contained herein that are not clearly
historical in nature may constitute forward-looking information. In
some cases, forward-looking information can be identified by words
or phrases such as “may”, “will”, “expect”, “likely”, “should”,
“would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”,
“estimate”, “believe” or the negative of these terms, or other
similar words, expressions and grammatical variations thereof, or
statements that certain events or conditions “may” or “will”
happen, or by discussions of strategy.
Readers are cautioned to consider these and
other factors, uncertainties and potential events carefully and not
to put undue reliance on forward-looking information. The
forward-looking information contained herein is made as of the date
of this press release and is based on the beliefs, estimates,
expectations and opinions of management on the date such
forward-looking information is made. The Company undertakes no
obligation to update or revise any forward-looking information,
whether as a result of new information, estimates or opinions,
future events or results or otherwise or to explain any material
difference between subsequent actual events and such
forward-looking information, except as required by applicable
law.
Neither the 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.
DataMetrex AI (TSXV:DM)
Historical Stock Chart
From Aug 2024 to Sep 2024
DataMetrex AI (TSXV:DM)
Historical Stock Chart
From Sep 2023 to Sep 2024