LX Ventures Signs Letter of Intent to Acquire Copper.io Inc.
Under the terms of the Letter of Intent, on closing, LXV will issue 2,083,333 common shares and pay $500,000 cash, in order to complete the acquisition. Up to an additional 3,472,222 common shares and $1,500,000 in cash will be payable by LXV as certain milestones are met in terms of the achievement of agreed monthly recurring revenue targets. At Copper's option, they may elect to receive $500,000 in cash rather than the final share installment. The securities will be subject to a four month hold period once issued. The transaction remains subject to completion of final documentation, regulatory approval and final due diligence.
LXV CEO Mike Edwards stated, "We are pleased to announce this relationship with the top notch team at Copper.io. Copper has been experiencing tremendous revenue growth month over month and we are confident that this growth will only accelerate with the involvement of our LXV team. We are clearly and rapidly executing on LXV's core strategy of identifying, acquiring and accelerating foundational companies in key technology spaces where we see high potential. We look forward to working with Copper.io as we rapidly grow the business." The transaction remains subject to the approval of the TSX Venture Exchange.
About LX Ventures
LX Ventures is a publicly traded technology accelerator that acquires, integrates and accelerates high growth technology companies. We are vertically integrated with internal best-in-class practice area teams in sales, marketing, engineering and finance that are leveraged to turn our portfolio companies into industry leading organizations, one by one. We are in the business of building businesses. For further information about LX Ventures, please visit www.lxventures.com.
ON BEHALF OF THE BOARD, LX VENTURES INC.
Mike Edwards, CEO
CAUTIONARY NOTE: FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory 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.
Contacts: LX Ventures Inc. Keir Reynolds 778-998-9242 firstname.lastname@example.org www.lxventures.comSOURCE: LX Ventures Inc.