Datametrex Sends Indemnity Notice in Connection With Acquisition of Nexalogy
October 29 2019 - 6:50PM
AI Limited (the “
Company” or
“
Datametrex”) (
TSXV: DM, FSE:
D4G) announced today that it has sent a notice of
indemnity to Claude Theoret, Barry Watson, Nexen Partnership and
Environics Research Group Limited (the “
Indemnifying
Parties”) in connection with alleged breaches of certain
representations and warranties of the Indemnifying Parties in
favour of Datametrex in the share purchase agreement to acquire
acquire 9172-8766 Quebec Inc.(“
Nexalogy”) dated
September 27, 2017 (the “
Share Purchase
Agreement”).
Datametrex acquired all of the shares of Nexalogy on November
20, 2017. Management believes that certain representations
and warranties of the Indemnifying Parties in the Share Purchase
Agreement were inaccurate at closing and Datametrex is seeking to
be indemnified for damages resulting from the alleged breaches of
representations and warranties.
As part of the acquisition of Nexalogy, Datametrex agreed to
assume certain loans owing by Nexalogy to the Indemnifying Parties
(the “Loans”). Earlier this year, Datametrex
suspended all payments in respect of the Loans.
For more information on this project or to learn how Datametrex
can assist your organization in social media discovery, Fake News
Filters and BOT detection please go to:www.nexalogy.com
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).
For further information, please
contact:
Jeff Stevens - PresidentPhone: (416)
482-3282Email: jstevens@datametrex.com
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.
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