Everfront Ventures Corp. (the “
Company” or
“
Everfront”) (TSXV:EVC) is pleased to announce
that the Company has entered into a definitive purchase agreement
(the
“Purchase Agreement”) to acquire, 9172-8766
Québec Inc. (doing business as Nexalogy Environics)
(
“Nexalogy”), a business intelligence and data
analysis provider through its artificial intelligence (“AI”)
platform to government agencies and Fortune 500 corporations (the
“
Transaction”). Further details were announced in
the Company’s press release dated July, 4, 2017.
“We are excited to have Nexalogy join our team,”
said Andrew Ryu, CEO and Chairman of the Company. “The
acquisition of Nexalogy is a key strategic step for the
Company. The vertical integration of Nexalogy will play an
important role in our ability to further develop our technological
platform with enhanced artificial intelligence (“AI”) capabilities
and to significantly expand our presence in the retail and public
sector markets.”
Details of the Transaction and
Conditions to Closing
Pursuant to the Purchase Agreement, Everfront
will acquire all of the issued and outstanding common shares of
Nexalogy and of 9225-6965 Québec Inc., an affiliate of Nexalogy,
for an aggregate purchase price of $6 million (subject to debt
adjustments at closing) of which: (i) $2.7 million in cash and $2.7
million in common shares of the Company (priced at a volume
weighted average price of the common shares of the Company for the
twenty (20) trading day period prior to closing) will be paid on
closing; and (ii) $600,000 will be paid over a three year period
upon Nexalogy achieving certain agreed-upon revenue
milestones. The Transaction is anticipated to close on or
about November 20, 2017.
The completion of the Transaction remains
subject to a number of terms and conditions including, among other
things:
- Everfront and Nexalogy obtaining all necessary consents, orders
and regulatory approvals, including the final approval of the TSX
Venture Exchange which has granted conditional approval
- no material change occurring to the business of Everfront or
Nexalogy;
- the delivery by each of the parties of standard closing
documents.
Nexalogy Business
Nexalogy’s patented solutions provide valuable
insight and analysis from a variety of data sources, giving
governments and corporations a unique tool to analyze information
and make informed decisions in the following areas; policy making,
stakeholder analysis, social risk assessment, social license to
operate, marketing, and overall operations. Nexalogy’s proprietary
algorithms, when merged with traditional business intelligence,
provide an innovative platform leveraging machine learning, social
data intelligence and social Internet of Things (“IOT”) technology
to redefine data analysis. Nexalogy has key government agencies and
corporations as clients and is poised for significant growth.
Nexalogy is emerging as a leader in the Business
Intelligence (“BI”) marketplace with a strong focus in social data
analysis. According to “Markets and Markets”, a flagship
competitive intelligence and market research firm serving 1700
global fortune enterprises, the Social Media Analytics Market is
forecast to grow to 5.4 Billion USD by 2020. This rapid growth is
due to the transition from traditional BI techniques to advanced
analytics as well as the surge in the number of social media users
and data.
Everfront plans to continue developing machine
learning models for conversational user interfaces. A unique
feature set will leverage the newest technologies with an
artificial intelligence (“AI”) offering that will provide
government agencies key solutions to manage initiatives that are
integral to countries across the world as well as to provide a
unique offering in areas like the retail market. The Company
intends to offer retailers a robust data analysis platform through
the combination of its DataTap solution, which captures valuable
Point of Sale (“POS”) information, and Nexalogy’s proprietary
software. The combined technology will provide users
competitive insight that Everfront believes will become dominant in
the retail BI marketplace for years to come.
About Nexalogy
Founded in 2006, Nexalogy unlocks valuable
insight from social media data. Through its proprietary semantic
clustering algorithms, it detects weak signals in unstructured text
that are not distinguished through traditional business
intelligence technology. This technology makes data more relevant
and is the missing link in providing actionable, social media
intelligence to governments and organizations all over the world.
Further information about Nexalogy can be found at
www.nexalogy.com.
About the Company
Everfront is the publicly traded holding company
of Datametrex Limited (“Datametrex”).
Datametrex offers a plug and play solution for vendors. The Company
extends the life of POS terminals without having to upgrade to new
cloud-based devices through its DataTap technology. DataTap
captures all data sent from the POS to the receipt printer and then
sends it to the cloud, so it can be presented in a dashboard for
management to monitor key pertinent information.
To learn more about the Company, visit:
www.datametrex.com.
For further information, please contact:
Jeffrey Stevens – President &
COOPhone: (647) 400-8494Email:
jstevens@datametrex.com
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.
Forward-Looking Statements
This news release includes certain
forward-looking statements within the meaning of Canadian
securities laws. Such forward-looking information and statements
are not representative of historical facts or information or
current condition, but instead represent only the Company`s and
Nexalogy`s beliefs regarding future events, plans or objectives,
many of which, by their nature, are inherently uncertain and
outside of the Company’s and Nexalogy`s control.
Generally, such forward-looking information or
statements can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such words and phrases or may contain statements
that certain actions, events or results “may”, “could”, “would”,
“might” or “will be taken”, “will continue”, “will occur” or “will
be achieved”.
The forward-looking information contained herein
includes, but is not limited to, information with respect to
prospective financial performance, anticipated capital funding and
sources, proposed or potential acquisitions, estimated operating
and sales costs, estimated market drivers and demand, business
prospects and strategy, new markets for growth and financial
position. By identifying such information and statements in this
manner, the Company and Nexalogy are alerting the reader that such
information and statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company or
Nexalogy to be materially different from those expressed or implied
by such information and statements.
Although the Company and Nexalogy believe that
the assumptions and factors used in preparing, and the expectations
contained in, the forward-looking information and statements are
reasonable, undue reliance should not be placed on such information
and statements, and no assurance or guarantee can be given that
such forward-looking information and statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information and
statements. Accordingly, readers should not place undue reliance on
any forward-looking information or statements contained in this
press release.
The forward-looking information contained in
this press release is made as of the date hereof, and the Company
does not undertake to update any forward-looking information that
is contained or referenced herein, whether as a result of new
information, future events or otherwise, except in accordance with
applicable securities laws. All subsequent written and oral forward
looking information and statements attributable to the Company or
persons acting on its behalf are expressly qualified in its
entirety by this notice.