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ATW Tech Signs a Letter of Intent for the Divestiture of Its Atman Assets
MONTREAL, Sept. 17, 2018 (GLOBE NEWSWIRE) -- ATW Tech Inc. (TSX-V: ATW) announces today that its fully-owned subsidiary InformationTelcharge.com (‘Atman’) signed a letter of intent to divest some of its assets to Marie-Christine Drolet, the actual Vice-President, Psychometric Research and Services of Atman. Those assets mainly include the personality test platforms and learning modes offered to businesses the human capital management. The letter of intent contemplates a total purchase price of $1,300,000 including $1,100,000 payable cash at closing and $200,000 as monthly installments over 3 years after closing.
"This transaction reflects our will and strategy to concentrate all our activities and resources on our integrated payment, interactive communication and voting platforms. The sale proceeds should increase our financial flexibility, allows us to pursue our organic growth plan in our core solutions along with our acquisition growth initiatives as part of our geographic expansion and diversification plan", said President and CEO of ATW Tech, Michel Guay.
The closing of this contemplated transaction is conditional among other things on Marie-Christine Drolet completing a satisfactory due diligence and the required bank financing. Closing of the transaction is expected for October 2018.
The above data includes a summary of highlights. For further information, please consult the Corporation’s consolidated financial statement as well as the Management Report for the year ended December 31, 2017 at www.sedar.com.
Additional information regarding the Company is available on SEDAR www.sedar.com. The TSX Venture Exchange and its Regulatory Services provider (as per meaning assigned to this term in TSX Venture Exchange’s policies) bear no liability as to the relevance or accuracy of this press release.
ABOUT ATW TECH
ATW Tech (TSX-V: ATW) is a leader in information technology, owner of several web platforms including VoxTel, VuduMobile, Atman, Bloomed and Quebec Rencontres. VoxTel offers various interactive communication and landline and mobile carrier billing phone solutions. VuduMobile is specialized the text messaging business for enterprises through its unique, user-friendly and bilingual test messaging application et turnkey solution allowing management of text message management programs in all kind of businesses. Atman and its APIs enable companies to optimize their human capital. Bloomed is a cloud-based platform to manage data (smart data) on consumers and their behaviors, which is developed for marketing agencies and their campaigns for the consumer and corporate markets. Quebec Rencontres is a web and mobile social network application catered to building serious and sustainable relationships.
|Michel Guay||Simon Bédard, CA, CPA, CFA, MBA|
|Founder, president and CEO||CFO|
|Tel.: 514.935.5959 ext. 301||Tel. : 514.935.5959 ext. 304|