Business
Logiq Advances Separation of AppLogiq and DataLogiq with Acquisition of Fully-Reporting Publicly Traded Company for AppLogiq
Logiq Advances Separation of AppLogiq and DataLogiq with Acquisition of Fully-Reporting Publicly Traded Company for AppLogiq.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ, NEO: LGIQ), a global provider of award-winning consumer acquisition solutions, has through its subsidiary, GoLogiq LLC, acquired a control position of 4,500,000 outstanding shares of Lovarra, a fully reporting U.S. public company. The acquisition advances Logiq’s previously announced plans to separate its DataLogiq and AppLogiq businesses into two independent publicly traded companies. Logiq now begins the process of transferring its AppLogiq business into Lovarra. AppLogiq includes mobile e-commerce solutions offered under the name of CreateApp, a mobile fintech platform for payments and food delivery, and the company’s beneficial stake in PT Weyland Indonesia Perkasa (WIP). WIP is the operator of the AtozGo™ food delivery service and AtozPay™ mobile e-wallet. “This acquisition represents the next major step towards enabling both of our valuable business segments to better capitalize on their respective growth opportunities in the rapidly evolving e-commerce and fintech landscape,” stated Logiq president, Brent Suen. “Moreover, we believe this will unlock tremendous shareholder value.” “Based on our analysis of recent comparable public market valuations and private equity funding for fintech companies in emerging markets, we see a standalone valuation for just AppLogiq to be $100 million or more,” added Suen. “Whereas, currently we do not see the markets attributing much, if any, valuation of this business segment to Logiq’s overall valuation.” Logiq plans to complete the transfer of its mobile e-commerce solutions and fintech platform for payments and food delivery to Lovarra in December 2021 and plans to complete the transfer of its beneficial stake in WIP before the end of February 2022. Both transfers are subject to customary conditions and approvals, and completion of requisite financial statements. Lovarra plans to apply to FINRA to change its name to GoLogiq and obtain a trading symbol that more closely represents its name. Logiq’s chief strategy officer for AppLogiq, Matthew Brent, is expected to be appointed as Lovarra/GoLogiq’s chief executive officer. Brent brings to the position more than 10 years of experience in software and product development. He ...