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Intouch Insight Ltd. Closes SeeLevel HX Acquisition
Intouch Insight Ltd. Closes SeeLevel HX Acquisition Canada NewsWire /...
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n \n \n \n Intouch Insight Ltd. Closes SeeLevel HX Acquisition\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR RELEASE OR DISTRIBUTION IN\n \n THE UNITED STATES\n \n OR FOR DISSEMINATION TO U.S NEWS WIRE SERVICES/\n \n \n \n \n OTTAWA, ON\n \n ,\n \n Oct. 1, 2021\n \n /CNW/ -\n \n Intouch Insight Ltd\n \n ., (Intouch or the Company) (TSXV: INX) (OTCQX: INXSF) today announces it has closed the acquisition (Acquisition) of Mystery Researchers, LLC dba SeeLevel HX (SeeLevel), subject to TSX Venture Exchange acceptance. SeeLevel is a US customer experience measurement company who has provided services across the US since 2008. The definitive agreement was signed on\n \n September 24, 2021\n \n (see press release dated\n \n September 24, 2021\n \n ).\n \n \n SeeLevel had calendar 2019 annual recurring revenues of\n \n US$5,048,485\n \n , gross margin of 39%, compared to Intouch historical margins of 52%, and the transaction is arm's length from Intouch. The purchase price for the acquisition is a combination of\n \n US$2,725,000\n \n in cash of which,\n \n US$1,600,000\n \n is payable at closing and up to\n \n US$1,125,000\n \n is payable over the next two years based on achievement of revenue targets, and the issuance 1,500,000 Intouch common shares at CA$0.66 per share. The common shares issued have a statutory hold period of four months and one day from the date of issuance. Intouch plans to finance the Acquisition from existing cash resources and with a possible five-year term bank loan for\n \n US$1,600,000\n \n . No finder's fees are payable by Intouch.\n \n \n The offered securities will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") and may not be offered or sold within\n \n the United States\n \n or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solici...