Throughout nearly three decades of operations, the asset underlying CDG ('Cylix') have been built to become a proprietary database of more than 74 million data points amalgamated from both third-party vendors and internally-originated sources. The business risk profiling service has been used by hundreds of customers including large blue-chip players to improve decision-making and productivity. The principals of CDG are currently developing Artificial Intelligence functionality to further differentiate its offering in the marketplace and position it to become one of the leading aggregators and originators of corporate and personal data in the Big Data market.
'We are very pleased to have executed the definitive asset purchase agreement as we near the completion of this vital acquisition. We expect Cylix to deliver significant value to both our shareholders and our customers,' said
Once integrated,
Transaction Details
Pursuant to the APA, the Company has agreed to purchase substantially all of the assets of CDG (the 'Assets') for consideration of
Prior to closing, the recipients of the Units, which are anticipated to be comprised of the shareholders of CDG, will enter into support and voting agreements with
The Company will appoint a nominee of CDG to its board of directors, and may also appoint an observer to its board of directors. Details of the board and observer appointments will be announced shortly.
The Transaction, including the proposed issuance of Common Shares and Warrants, is subject to customary closing conditions including the receipt of any required regulatory and exchange approvals.
About Cylix Data
Cylix Data is a B2B business intelligence technology company whose software improves efficiency and increases productivity for business professionals through the supply of information required to implement risk-management and decision-making processes. The Cylix database AI conglomerates, amalgamates, and cross-references seemingly disparate information into a comprehensive customer profile report and score that can be easily understood. For more information, please visit www.cylixdata.com.
About
Established in
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains 'forward-looking statements' within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking 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 and forward- looking statements contained herein include, but are not limited to, statements regarding: the Company's ability to close the Transaction on or about
Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the continued commercial viability and growth in popularity of the Company's and Cylix's applications; the Company's ability to continue to develop and acquire revenue-generating applications; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the continued development of the Company's and Cylix's technologies; the continued growth of the Company and Cylix; the Company's ability to finance the closing of the Transaction; and the ability of the Company to fulfil the requirements of the CSE in respect of the Transaction.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the risks associated with the technology and data industries in general; increased competition in the technology, data and AI markets; the potential future unviability of the Company's and Cylix's product offerings; incorrect assessment of the value and potential benefits of the Transaction; risks associated with potential governmental and/or regulatory action with respect to the Company's activities; risks associated with a potential collapse in the value of data-related services; risks associated with the Company's potential inability to obtain regulatory approval with respect to the Transaction; the Company's inability to close the Transaction on or about
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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