Business
Mobio Announces it has Signed a Non-Binding Letter of Intent to Purchase 100% of Tracksuit Movers Inc. and Elite Window Cleaning Inc.
(TheNewswire) Vancouver, B.C. – TheNewswire - March 15, 2022 M...
About this update from Mobio Technologies, Inc.
[{"type":"text","content":"Mobio Announces it has Signed a Non-Binding Letter of Intent to Purchase 100% of Tracksuit Movers Inc. and Elite Window Cleaning Inc. \n \n \n (TheNewswire)\n \n \n \n \n \n \n Vancouver, B.C. –\n \n \n TheNewswire -\n \n \n March 15, 2022\n \n \n Mobio Technologies Inc.\n \n \n (“\n \n \n Mobio\n \n \n ” or the “\n \n \n Company\n \n \n ”)\n(TSXV:MBO) is pleased to announce\n \n \n it has entered\ninto a non-binding letter of intent (the “\n \n \n LOI\n \n \n ”)\n \n \n dated March 15, 2022, which sets out the proposed basic\nterms and conditions for the 100% acquisition of Tracksuit Movers Inc.\n(“\n \n \n TMI\n \n \n ”), a full-service moving company franchisor and a 100%\nacquisition of Elite Window Cleaning Inc. (“\n \n \n Elite\n \n \n ”), a window\ncleaning franchisor through a share exchange (the “\n \n \n Transaction\n \n \n ”). The\nacquisition of TMI and Elite is subject to negotiating and entering\ninto a binding share exchange agreement, approval by disinterested\nshareholders of Mobio and acceptance of the Transaction by the TSX\nVenture Exchange (the “\n \n \n Exchange\n \n \n ”).\n \n \n The\nacquisition of TMI will constitute a Non Arm’s Length Transaction\nand Reverse Takeover of Mobio, as defined in the policies of the TSX\nVenture Exchange (the “\n \n \n Exchange\n \n \n ”).\n \n \n \n \n Information concerning Tracksuit\nMovers Inc.\n \n \n \n \n Tracksuit Movers Inc. is a company existing under the\nlaws of British Columbia and headquartered in Lenexa, Kansas. Its\nbusiness consists of franchised residential moving operations across\nCanada and the United States. As TMI, they own all of the system and\nrelated marks, including the mark \"You Move Me\", and license\nthem for exclusive use and sublicensing in Canada and the United\nStates. TMI currently has 4 franchisee locations in Canada and 15 in\nthe United States. Corporately run locations are operated out of the\nCincinnati, Ohio, Phoenix, Arizona, and Toledo, Ohio markets.\n \n \n \n \n The principal shareholders of TMI are Laurie Baggio (a\nresident of British Columbia), Lance Tracey (a resident of British\nColumbia), Josh Herron (a resident of USA) and Tyler Staszak (a\nresident of USA). The acquisition of TMI will n...