Business
DigiMax Completes Acquisition of 100% of Outstanding Securities of Spetz Tech Limited
DigiMax Completes Acquisition of 100% of Outstanding Securities of Spetz Tech Limited.
About this update from Digitiliti, Inc.
[{"type":"text","content":"TORONTO, ON / ACCESSWIRE / August 17, 2022 / DIGIMAX GLOBAL INC. (the "Company" or "DigiMax") (CSE:DIGI, OTC:DBKSF) is pleased to announce that further to its press release dated June 23, 2022, the Company has completed its acquisition of 100% of the issued and outstanding securities of Israel-based Spetz Tech Ltd. ("Spetz"), a technology company which has developed artificial intelligence ("AI") software to operate a revolutionary and fast-growing mobile application that connects consumers to available, top-rated tradespeople, service providers and professionals in their area immediately or at any scheduled time (the "Transaction").Transaction DetailsThe Transaction was completed pursuant to the terms of a merger agreement, dated June 23, 2022 ("Merger Agreement"). In consideration for all of the issued and outstanding shares of Spetz, DigiMax has issued 250 million securities of the Company (the "Consideration Securities") to the securityholders of Spetz, which amounts to approximately 47% of the issued and outstanding securities of the Company upon the closing of the Transaction (the "Closing"). The number of Consideration Securities being issued to the securityholders of Spetz is not contingent on the trading price of DigiMax's common shares on the Canadian Securities Exchange ("CSE").Upon Closing, Yossi Nevo, the founder and CEO of Spetz, has assumed the role of Chief Operating Officer of the Company, and Ofir Friedman, Spetz's VP of Marketing & Business Development, has assumed the role of Chief Marketing Officer of the Company. In addition to the foregoing, both Messrs. Nevo and Friedman have been appointed to the Company's board of directors upon Closing.In addition to the foregoing, the Company has issued stock options to certain directors, insiders and employees of the Company to acquire 7,250,000 common shares of the Company exercisable at $0.05 per share for a period of 5 years form the date of grant.Recently issued audited financial statements state that Spetz generated revenues of US$2.98 million in calendar year 2021 versus US$1.36 million in 2020 having realized 219% growth year over year. This resulted in comprehensive losses of US$2.13 million and $1.34 million respectively for 2021 and 2020. Losses as a percent of rev...