/NOT FOR RELEASE OR DISTRIBUTION IN
THE UNITED STATES OR FOR
DISSEMINATION TO U.S NEWS WIRE SERVICES/
OTTAWA, ON, Oct. 1, 2021 /CNW/ - Intouch Insight Ltd.,
(Intouch or the Company) (TSXV: INX) (OTCQX: INXSF) today announces
it has closed the acquisition (Acquisition) of Mystery Researchers,
LLC dba SeeLevel HX (SeeLevel), subject to TSX Venture Exchange
acceptance. SeeLevel is a US customer experience measurement
company who has provided services across the US since 2008. The
definitive agreement was signed on September
24, 2021 (see press release dated September 24, 2021).
SeeLevel had calendar 2019 annual recurring revenues of
US$5,048,485, gross margin of 39%,
compared to Intouch historical margins of 52%, and the transaction
is arm's length from Intouch. The purchase price for the
acquisition is a combination of US$2,725,000 in cash of which, US$1,600,000 is payable at closing and up to
US$1,125,000 is payable over the next
two years based on achievement of revenue targets, and the issuance
1,500,000 Intouch common shares at CA$0.66 per share. The common
shares issued have a statutory hold period of four months and one
day from the date of issuance. Intouch plans to finance the
Acquisition from existing cash resources and with a possible
five-year term bank loan for US$1,600,000. No finder's fees are payable by
Intouch.
The offered securities will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities
Act") and may not be offered or sold within the United States or to or for the account or
benefit of U.S. persons, except in certain transactions exempt from
the registration requirements of the U.S. Securities Act. This
press release does not constitute an offer to sell, or the
solicitation of an offer to buy, securities of Intouch in
the United States.
About Intouch Insight
Intouch Insight offers a
complete portfolio of customer experience management (CEM) products
and services that help global brands delight their customers,
strengthen brand reputation and improve financial performance.
Through its flagship SaaS product, LiaCX®, Intouch helps clients
collect and centralize data from multiple customer touch points,
gives them actionable, real-time insights, and provides them with
the tools to continuously improve customer experience. Founded in
1992, Intouch is trusted by over 300 of North America's most-loved brands for their
customer experience management, customer survey, mystery shopping,
mobile forms, operational and compliance audits, and event
marketing automation solutions. For more information, visit
intouchinsight.com.
Certain statements included in this news release contain
forward looking statements that are made of the date hereof, which
by their nature are necessarily subject to risks and uncertainties
and other factors that may cause actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such statements reflect the
Company's current views with respect to future events, including
the acquisition, bank financing, future revenues and references to
the Company's expansion and growth of the business and operations,
and are based on information currently available to the Company and
on hypotheses which it considers to be reasonable; however,
management warns the reader that hypotheses relative to future
events which are beyond the control of management could prove to be
false, given that they are subject to certain risks and
uncertainties. Please refer to the risks set forth in the Company's
most recent annual MD&A and the Company's continuous disclosure
documents that can be found on SEDAR at www.sedar.com. The
Company does not intend, and disclaims any obligation, except as
required by law, to update or revise any forward-looking statements
whether as a result of new information, future events or
otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Intouch Insight Ltd.