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Martello Receives TSXV Approval for Sale of ELFIQ Networks to Adaptiv Networks
Martello Receives TSXV Approval for Sale of ELFIQ Networks to Adaptiv Networks Can...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n\n\n\nMartello Receives TSXV Approval for Sale of ELFIQ Networks to Adaptiv Networks\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\nCanada NewsWire\nOTTAWA, ON, July 24, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n OTTAWA, ON, July 24, 2020 /CNW/ - Martello Technologies Group Inc., (\"Martello\" or the \"Company\") (TSXV: MTLO), a developer of enterprise digital experience monitoring (\"DEM\") solutions, announced today that it has received approval from the TSX Venture Exchange (\"TSXV\") for the sale of substantially all the assets and certain liabilities of Elfiq Inc. (\"ELFIQ\" or the \"Seller\") to Adaptiv Networks Inc. (\"Adaptiv Networks\"), an arm's length Canadian SD-WAN company. The transaction was announced on July 22, 2020.\n\n \n \n \n \n \n \n\n \nThe terms of the agreement are detailed in the press release dated July 22, 2020. Adaptiv Networks has acquired ELFIQ for approximately $800,000, in a cash and equity transaction, and sixteen ELFIQ employees have been transferred to Adaptiv Networks.\nThe transaction broadens Adaptiv Networks' portfolio of SD-WAN solutions for mid-size enterprises and accelerates its international expansion. Martello will focus its resources on the Company's DEM strategy, to generate monthly recurring revenue from solutions that improve the digital user experience for cloud services such as unified communications and video conferencing. It is expected that the divestment of ELFIQ will result in the elimination of losses relating to this division in the near-term. Operating losses for the ELFIQ division were $1.4M in the 2020 fiscal year.\nAbout Martello Technologies Group\nMartello Technologies Group Inc. (TSXV: MTLO) is a technology company that provides digital experience monitoring (DEM) solutions. The company develops products and solutions that provide monitoring and analytics on the performance of real-time applic...