AnalytixInsight Inc. Provides Details on Sale of Subsidiary
04 Junio 2014 - 5:02PM
Marketwired
AnalytixInsight Inc. Provides Details on Sale of Subsidiary
- OMT Technologies Inc., a subsidiary of AnalytixInsight, being
sold in exchange for cancellation of all related debt
- AnalytixInsight to be debt-free commencing in or around Q3
2014.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 4, 2014) - Big
data analytics company AnalytixInsight Inc. (the "Company" or
"AnalytixInsight") (TSX-VENTURE:ALY) has entered into a Share
Purchase Agreement dated June 4, 2014, pursuant to which the
Company has agreed to dispose (the "Transaction") of its wholly
owned subsidiary, OMT Technologies Inc. ("OMT"), to 652420 B.C.
Ltd. (the "Purchaser"). The Purchaser is a privately held company
incorporated under the laws of British Columbia. Subject to the
receipt of all necessary regulatory and shareholder approvals, the
Purchaser shall acquire all of the issued and outstanding
securities of OMT. In exchange, the Purchaser shall forgive and
cancel all of the debt owed by the Company to the Purchaser in the
approximate amount of $4,416,038.22 plus accrued interest. It is
anticipated that the Transaction will constitute a reviewable
transaction under the policies of the TSX Venture Exchange (the
"Exchange").
The Transaction was first considered as part of the Company's
acquisition of CapitalCube Corp in 2013. After the completion of
the Transaction, the Company will be debt-free commencing on or
around Q3 2014.
"This transaction provides a couple of advantages to us," said
Chaith Kondragunta, CEO of AnalytixInsight. "Our balance sheet is
stronger and the spinoff allows us to focus on our core business of
big data analytics. We are now well placed to execute with respect
to our strong pipeline of institutional customers and strategic
partnerships, primarily with financial institutions and business
media companies. We expect to announce these in the coming
quarters."
Completion of the Transaction is subject to a number of
conditions, including the receipt of all required shareholder,
regulatory and third party consents, including Exchange approval,
and satisfaction of other customary closing conditions. The
Exchange has in no way passed upon the merits of the proposed
Transaction and has neither approved nor disapproved the contents
of this press release.
On behalf of the Board of Directors of ANALYTIXINSIGHT INC.
Prakash Hariharan, Chairman
ABOUT ANALYTIXINSIGHT INC.
AnalytixInsight Inc.'s technology platform helps transform data
into narratives. The Company's online portal www.capitalcube.com
and mobile platform Stockwall provide high-quality financial
research and content for investors, information providers, finance
portals and media. The Company's disruptive technology
algorithmically analyzes market price data and regulatory filings
to create insightful, actionable narratives and research on
approximately 50,000 global companies and ETFs - all available as a
cloud-based, SAAS offering. This platform capability is extensible
to other asset classes and sectors to generate insightful research
reports.
CapitalCube and Stockwall have existing business relationships
with leading global financial and media institutions. For more
information about CapitalCube visit www.capitalcube.com. For more
information about Stockwall visit www.stock-wall.com.
Regulatory Statements
This press release contains "forward-looking information"
within the meaning of applicable Canadian securities legislation.
Forward-looking information includes, without limitation,
statements regarding the Transaction and the debt forgiveness.
Generally, forward-looking information 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 state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of AnalytixInsight Inc., as
the case may be, to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive, geopolitical
and social uncertainties; the Company's technology and revenue
generation; risks associated with operation in the technology
sector; ability to successfully integrate new technology and
employees; foreign operations risks; and other risks inherent in
the technology industry. Although AnalytixInsight has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. Stetson does not undertake
to update any forward-looking information, except in accordance
with applicable securities laws.
NEITHER 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.
For further information relating to
AnalytixInsight,CapitalCube.Com, and Stockwall:AnalytixInsight
Inc.Abha Dawesar646.435.1561www.analytixinsight.comKin
CommunicationsFreddie Leigh604.684.6730
AnalytixInsight (TSXV:ALY)
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