Business
Sprylogics Signs Letter of Intent to Acquire Poynt Inc.
TORONTO , May 31, 2013 /CNW/ - Sprylogics International (TSXV: SPY), ("Sprylogics" or "...
About this update from Bragg Gaming Group Inc.
[{"type":"text","content":"\n\n\nTORONTO, May 31, 2013 /CNW/ - Sprylogics International (TSXV: SPY), (\"Sprylogics\" or \"the Company\") the international provider of innovative mobile search and messaging\n monetization services announces that it has signed a Letter of Intent\n to acquire Poynt Inc. (\"Poynt\").\n\n\nUnder the terms of the deal, Sprylogics will provide the following\n consideration to the owners of Poynt: (i) issue a two (2) year note in\n the amount of $2.5 Million (CDN) with an annual interest rate of 6.5%\n payable quarterly in cash and / or stock, which will be secured against\n the assets of Poynt; and (ii) issue up to $500,000 in Sprylogics\n shares.  Additionally, the current owners of Poynt will retain a 10%\n interest in the exploitation of Poynt patents. Sprylogics will assume\n liabilities and fees associated with the purchase transaction as well\n as costs associated with management of the assets.  The parties have\n further agreed that under certain circumstances within the deal\n structure, payment of the $2.5 Million (CDN) may be accelerated.\n\n\nPoynt acquired the assets of Poynt Corporation through an order approved\n by the Queen's Bench of Alberta and is currently owned and operated in\n a 50/50 partnership by Intertainment Media Inc. (TSXV:INT / US:ITMTF /\n FRA:IT4) and Avenza Holdings Inc. Under the leadership of CEO, Mr.\n Anthony R. Pearlman, Poynt has made strong progress in stabilizing the\n technology platform and re-establishing key content and monetization\n partnerships to ensure a strong foundation for future growth.\n\n\nMr. Pearlman, subject to finalizing the agreements, will assist with the\n transition to Sprylogics and will remain the President and COO of\n Intertainment.\n\n\nPoynt has a large and loyal international user-base across all major\n smartphone platforms including IOS, Android, Blackberry and Windows. \n In addition, Poynt IP assets include a number of early stage patents\n granted in their key business areas. The application's primary revenue\n stream is through mobile advertising which is positioned for\n exponential growth over the next few years.\n\n\nDue to higher than anticipated growth, analysts (eMarketer) have\n recently revised and upgraded their forecasts for Mobile Advertising\n spending this year in the US, growing from $7.29 billion in 2013 to\n $27.13 billion...