Business
Everyday People Financial Announces Execution of Definitive Purchase Agreement to Acquire General Credit Services
Edmonton, Alberta--(Newsfile Corp. - December 9, 2022) - Everyday People Financial Corp. (TSXV: ...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Financial Announces Execution of Definitive Purchase Agreement to Acquire General Credit ServicesEdmonton, Alberta--(Newsfile Corp. - December 9, 2022) - Everyday People Financial Corp. (TSXV: EPF) (\"Everyday People\" or the \"Company\"), a Canadian-based financial technology and consumer financing company, is pleased to announce that, further to the news release of the Company dated September 19, 2022, it and its wholly-owned subsidiary, Everyday People Investments Inc. (\"Everyday People Investments\") have entered into a definitive purchase agreement (the \"Purchase Agreement\") with the shareholders (the \"Shareholders\") of General Credit Services Inc. (\"General Credit\"), one of Canada's premier providers of accounts receivable management services, and General Credit, pursuant to which Everyday People Investments will acquire (the \"Acquisition\") 100% of the issued and outstanding shares in the capital of General Credit (the \"General Credit Shares\").General Credit serves enterprise clients requiring accounts receivable management, collections and bill presentment, and payment management solutions, including banks and other financial institutions, telecom and utility companies, property management and construction firms, governments, healthcare providers, transportation, logistics businesses and more.Details of the AcquisitionPursuant to the terms of the Purchase Agreement, Everyday People Investments will acquire the General Credit Shares in exchange for: (i) an aggregate cash payment by Everyday People Investments to the Shareholders on the date of execution of the Purchase Agreement of $100,000, in the form of a non-refundable cash deposit; (ii) an aggregate cash payment by Everyday People Investments to the Shareholders on the closing date of $5,244,455, subject to adjustment in accordance with the terms of the Purchase Agreement; and (iii) the issuance by Everyday People to the Shareholders on the closing date of an aggregate of 1,781,485 common shares in the capital of Everyday People (\"Everyday People Shares\"). In addition, the Shareholders may earn up to an additional 1,781,485 Everyday People Shares in the aggregate pursuant to the earnout provisions set forth in the Purchase Agreement, which are based on the achievement of certain financial metrics by General Credit in the three-year period ...