TORONTO, Nov. 01, 2017 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (TSX-V:DM) (FSE:D4G) is pleased to announce that it is positioned to complete its previously-announced acquisition (the “Acquisition”) of 9172-8766 Quebec Inc. (doing business as Nexalogy Environics) (“Nexalogy”) and 9225-6965 Quebec Inc., an affiliate of Nexalogy, pursuant to a share purchase agreement dated September 25, 2017 (the “Purchase Agreement”). A copy of the Purchase Agreement can be found on the Corporation’s SEDAR profile. Closing of the Acquisition is expected to occur on or about November 20, 2017.
The Company is pleased to report that it has received $957,321.00 from the exercise of an aggregate of 9,864,280 share purchase warrants (“Warrants”) previously issued by the Company of which 6,964,280 Warrants were exercised at $0.075/share and 2,900,000 Warrants were exercised at $0.15/share. Proceeds from the exercise of the Warrants will be used towards closing of the Acquisition.
In addition, the Company is pleased to report that it has received orders for over $2,250,000 from existing shareholders of the Company, including orders in the aggregate amount of $1,500,000 from the Chairman and CEO of the Company, Mr. Andrew Ryu, and his friends, family and business associates of which $250,000 will come from Mr. Ryu personally, pursuant to the Company’s previously-announced non-brokered private placement of up to 50,000,000 units (“Units”) at a price of $0.10 per Unit, for gross proceeds of up to $5,000,000 (the “Offering”). Acceptance of the orders is subject to receipt of duly executed subscription agreements and wired funds from the subscribers of the Offering. The Company has the option to increase the size of the Offering by up to 15% at any time up to 48 hours before the closing of the Offering. Proceeds from the Offering will be used in connection with closing of the Acquisition. The Offering is expected to close on or about November 20, 2017 and is subject to acceptance by the TSX Venture Exchange.
“We are very pleased with the level of support received from our shareholders as demonstrated by the recent early exercise of Warrants as well as their participation in the Offering. It shows tremendous support for the acquisition of Nexalogy and our vision to implement blockchain technology into our product offering. The combination of gathering structured data through Datametrex’s DataTap and unstructured data though Nexalogy’s AI solutions, and collectively feeding the data into a blockchain platform will truly re-define business intelligence with the most optimum and relevant information.” said Andrew Ryu, Chairman and CEO of the Company.
About Nexalogy
Nexalogy AI solutions unlock valuable insights from social media data. Through its proprietary semantic clustering algorithms, it provides insights and analysis that are not available 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.
About the Company
Datametrex is a big data company for retail, brands, and other organizations. The Company’s DataTap technology captures all data sent from the POS to the receipt printer and scanner, and then sends it to the cloud, so it can be presented for key decision making. The Company is planning on integrating the DataTap environment to decentralized blockchains to further authenticate and validate the data collected.
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For further information, please contact:
Jeffrey Stevens – President & COO
Phone: (647) 400-8494
Email: 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 contains certain forward-looking information within the meaning of Canadian securities laws. Generally, such 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 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”.
In particular, the forward-looking information includes information regarding the terms and completion of the Acquisition and the Offering, the use of proceeds from the exercise of Warrants and from the Offering and the future development of the Company’s business. By identifying such information in this manner, the Company is alerting the reader that such information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by such information. Such risks and uncertainties include the Company being unsuccessful in satisfying the conditions to closing of the Acquisition and of the Offering on the terms and timelines indicated including, without limitation, obtaining final approval from the TSX Venture Exchange.
The forward-looking information contained in this report 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.