ATMANCO COMPLETES THE ACQUISITION OF VUDUMOBILE AND SIGNED A LETTER OF INTENT TO ACQUIRE APPWAPP
Montreal, October 3, 2017 – AtmanCo Inc. (“AtmanCo” or the “Company”) (TSX-V: ATW) is pleased to announce the completion of its previously-announced acquisition of VuduMobile for a total purchase price of $600,000, including $250,000 paid cash immediately, $288,560 through the immediate issuance of 1 697 411 common shares at a price of $0.17, $11,440 as a debt assumed and $50,000 as a balance of sale payable in two equal payments of $25,000 in six and twelve months from closing. The balance of sale will be adjusted by an amount equal to the surplus or deficit of a working capital ratio of 1.20x as well as for uncollected accounts receivable 120 days after closing. For more information on the acquisition of VuduMobile, please see the Company’s press release dated August 16, 2017.
Acquisition of Appwapp
The Company also announced the signature of a letter of intent for the acquisition of all the outstanding shares of Services Appwapp Inc. (“Appwapp”) for a total purchase price of $300,000, including $150,000 paid cash at closing, $125,000 through the issuance of common shares at closing at a price equal to the last weekly average closing price and $25,000 as a balance of sale payable in two equal payments of $12,500 in six and twelve months from closing. The balance of sale will be adjusted by an amount equal to any deficit to a working capital ratio of 1.20x as well as for uncollected accounts receivable 120 days after closing.
Appwapp offers web and mobile development services to a diversified corporate customer base including VuduMobile, a company newly acquired by AtmanCo.
The closing of this transaction between AtmanCo and VuduMobile, which are dealing at arm’s length, is conditional among other things on AtmanCo carrying out a satisfactory due diligence on VuduMobile, obtaining financing with size, terms & conditions to be determined and obtaining all necessary regulatory approvals. Closing of the transaction is expected on or about October 16, 2017. No commission is payable and no change of control will result.
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.
AtmanCo (TSX-V: ATW) is a leader in information technology in the telecom industry, owner of several web platforms including VoxTel, Québec Rencontres, Atman and Bloomed. VoxTel offers various interactive landline and mobile phone solutions, as well as carrier billing and SMS features. Quebec Rencontres is a web and mobile social network application catered to building serious and sustainable relationships. 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.
SOURCE: AtmanCo inc.
Founder, president and CEO
Tel.: 514.935.5959 ext. 301
Simon Bédard, CA, CPA, CFA, MBA
Tel. : 514.935.5959 ext. 304