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Datametrex Announces Acquisition of EV Connect Solutions Inc.
Toronto, Ontario--(Newsfile Corp. - June 9, 2022) - Datametrex AI Limited  (TSXV: DM) (...
About this update from Datametrex Ai Ltd.
[{"type":"text","content":"Datametrex Announces Acquisition of EV Connect Solutions Inc.Toronto, Ontario--(Newsfile Corp. - June 9, 2022) - Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the \"Company\" or \"Datametrex'') is pleased to announce the acquisition of EV Connect Solutions Inc. (\"EV Connect\"), a private Ontario company that is focused on the emerging global electric vehicle charging infrastructure market that is estimated to reach US$147.94 billion by 2030 (Source: Emergen Research, (2022, March 14) Global Electric Vehicle Charging Infrastructure Market Size to Reach US$147.94 Billion in 2030. (Source: https://www.prnewswire.com/news-releases/global-electric-vehicle-charging-infrastructure-market-size-to-reach-usd-147-94-billion-in-2030--emergen-research-301501946.html) The Company is entering the market with industry-leading technologies which include roadside charging units and an evolving proprietary roadside assistance mobile application. EV Connect is the exclusive Canadian partner of EVAR, a company that is a spin-off from Samsung Electronics C-Lab.Transaction TermsThe Company, EV Connect, and the shareholders of EV Connect have entered into a share purchase agreement pursuant to which the Company acquired all the issued and outstanding shares of EV Connect for an aggregate deemed purchase price of $10,000,000. The purchase price was satisfied by the issuance of an aggregate of 66,666,667 common shares of the Company issued at a deemed price of $0.15 per share.Additional transaction information:There were no finder's fees paid in connection with the transaction.The share purchase agreement was signed and closed on June 8, 2022.EV Connect has zero debt.The transaction will not result in any change of control or the creation of new control persons at the Company.\"I am very happy to be a part of the Datametrex family. This will allow EV Connect to expedite its business plan and leverage the expertise of the team of experts. We are looking forward to growing EV Connect as part of Datametrex,\" said Gregory Lee, President of EV Connect.\"This is a very exciting acquisition as we can utilize our team of developers and knowledge of product development to enter the emerging electric vehicle space - an exciting and growing industry that will be here for a long time and represents significant potential for Datame...