Business
INEO Completes Acquisition of Newman Loss Prevention and Announces Change in Auditor
INEO Completes Acquisition of Newman Loss Prevention and Announces Change in Auditor ...
About this update from Ineo Tech Corp.
[{"type":"text","content":"\n\n\n\nINEO Completes Acquisition of Newman Loss Prevention and Announces Change in Auditor\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\nCanada NewsWire\nSURREY, BC, May 5, 2020\n\n\n\nSURREY, BC, May 5, 2020 /CNW/ - INEO Tech Corp. (TSXV: INEO) (the \"Company\" or \"INEO\") announces it has closed the previously announced acquisition of Newman Loss Prevention (\"Newman\"), based in Calgary, Alberta. The acquisition of Newman remains subject to the final approval of the TSX Venture Exchange.\n\n \n \n \n \n \n \n\n \nNewman is the preeminent independent reseller of loss prevention products and services in Alberta and Saskatchewan. INEO's acquisition of Newman, includes acquiring ongoing contracts, customer lists and inventory assets, in exchange for 200,000 common shares in INEO with a future earn-out consideration of another 200,000 INEO common shares upon achievement of certain agreed to milestones. Dan Newman, the principal of Newman, has 25 years of retail sales experience and has joined INEO as Director of Sales for the Prairie Region.\n\"Part of our growth strategy is to quickly expand our customer base by acquiring profitable loss prevention resellers who are solid operators and have a good list of customers where we can install INEO Welcoming Systems,\" stated Kyle Hall, CEO of INEO. \"Newman brings us over 200 retail customers which will immediately deliver accretive cash flow and give INEO valuable retail relationships to continue to accelerate our business across Canada.\"\nThe Company also announced today, that as part of its go forward plan as a public company, its board of directors has appointed Davidson & Company LLP, Chartered Professional Accountants (the \"Successor Auditor\") of Vancouver, British Columbia, as auditors for the Company.  Dale Matheson Carr-Hilton Labonte, Chartered Professional Accountants (the \"Former Auditor\") has resigned as auditors of the Company, at the request of the Company. \nThere were no reservations in the Former Auditor's reports for the two most recently-completed fiscal years or for any period subse...