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EMERGE Announces Signing of Definitive Agreement to Sell WagJag for $1M, Continues to Prioritize Strengthening Balance Sheet and Unlocking Savings
EMERGE Announces Signing of Definitive Agreement to Sell WagJag for $1M, Continues to Prioritize ...
About this update from Emerge Commerce Ltd
[{"type":"text","content":"\n \n \n \n EMERGE Announces Signing of Definitive Agreement to Sell WagJag for $1M, Continues to Prioritize Strengthening Balance Sheet and Unlocking Savings\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n EMERGE has entered into a definitive agreement to sell WagJag for\n \n $1M\n \n in cash\n \n \n EMERGE originally acquired WagJag for\n \n $500K\n \n in\n \n November 2017\n \n from Torstar Corp.\n \n \n EMERGE anticipates the sale of WagJag to accelerate further HQ cost savings in relation to servicing the WagJag business\n \n \n Following the Transaction, EMERGE will retain 5 brands across 3 verticals (Pets, Grocery, Golf)\n \n \n The Company continues to explore additional strategic opportunities to strengthen the balance sheet, reduce debt, and improve the company's overall cash flow\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 24, 2023\n \n \n /CNW/ - EMERGE Commerce Ltd. (TSXV: ECOM) (\"\n \n EMERGE\n \n \", or the \"\n \n Company\n \n \"), a diversified acquirer and operator of niche e-commerce brands, announces that a subsidiary of the Company, Emerge Brands Inc. (the \"\n \n Seller\n \n \"), has entered into a definitive asset purchase agreement (the \"\n \n Agreement\n \n \"), with 15124174 Canada Inc. (the \"\n \n Buyer\n \n \"), pursuant to which the Seller proposes to sell to the Buyer substantially all of the assets related to its WagJag and BeRightBack business (the \"\n \n Transaction\n \n \"). WagJag and BeRightBack operate a daily deals e-commerce business in\n \n Canada\n \n for discounted vouchers.\n \n \n \n Ghassan Halazon, Founder and CEO of EMERGE\n \n commented, \"The WagJag case study is now complete. In\n \n November 2017\n \n , we acquired a declining, loss-making business, and today, after a tremendous amount of work, the business is exhibiting strong double-digit sales growth lately combined with lean operations, a testament to the team's efforts. With our shifting priorities, we felt it was the right time to sell WagJag at a healthy premium to our original purchase price. Moving forward, we...