Business
Immigration Services Leader CanPR Technology Inc. Enters into Letter of Intent with General Assembly for Reverse Takeover and Change of Business Transaction
Proven technology platform creates full journey immigration solutions with pre and post-landing s...
About this update from Canpr Technology Inc.
[{"type":"text","content":"Immigration Services Leader CanPR Technology Inc. Enters into Letter of Intent with General Assembly for Reverse Takeover and Change of Business TransactionProven technology platform creates full journey immigration solutions with pre and post-landing servicesCanPR's SmartCV™ uses artificial intelligence and machine learning to match employers with prospectsCanPR app downloaded 800,000+ times in under a yearToronto, Ontario--(Newsfile Corp. - November 30, 2023) - CanPR Technology Inc. (\"CanPR\"), a leading provider of technology-enabled immigration services in Canada, is pleased to announce it has entered into a letter of intent dated November 20, 2023 with General Assembly Holdings Limited (TSXV: GA) (\"GA Pizza\") pursuant to which GA Pizza proposes to acquire all of the issued and outstanding shares of CanPR by way of a reverse takeover transaction (the \"Proposed Transaction\"). On closing of the Proposed Transaction, shareholders of CanPR will own 90.9% of GA Pizza and the resulting entity will continue the business of CanPR as a company listed on the TSX Venture Exchange.\"This is an exciting moment for CanPR as we broaden access to capital to fuel our continued growth,\" said Co-Founder and CEO Akshat Soni. \"While our journey is just beginning, we see tremendous opportunity to disrupt the immigration industry by offering technology-enabled solutions that streamline the process, and help new Canadians arrive quickly and set roots by providing access to employment opportunities, housing and other important socioeconomic outcomes. Our objective is to improve the immigration process, and then support immigrants in their transition to a new life in Canada.\"Rising Immigration in Canada:Immigration levels in Canada have been rising dramatically. More than one million new Canadians arrived in 2022 alone2. The government of Canada is also maintaining its target of 485,000 permanent residents for 2024, with another 500,000 in 2025. Starting in 2026, the government will stabilize permanent resident levels at 500,0003.However, the current application process for temporary and permanent residency is cumbersome and expensive, and few services exist to help new Canadians integrate successfully. According to a report by the Conference Board of Canada, recent cohorts of immigrants are leaving Canada because they may not see the ...