Business
Montfort Capital Announces Update to Agreement to Sell Pivot Business, Change of Auditor
Montfort Capital Announces Update to Agreement to Sell Pivot Business, Change of Auditor ...
About this update from Montfort Capital Corp
[{"type":"text","content":"\n\n\nMontfort Capital Announces Update to Agreement to Sell Pivot Business, Change of 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\nCanada NewsWire\n\n\nTORONTO, Oct. 21, 2025 /CNW/ - Montfort Capital Corp. (\"Montfort\" or the \"Company\") (TSXV: MONT), today announced that, further to its press release dated August 1, 2025, it has entered into an amending agreement (the \"Amending Agreement\") to the securities purchase agreement dated August 1, 2025 between the Company, Pivot Endgame Corp., an affiliate of an arm's length, third-party investment fund (the \"Purchaser\") and the arm's length, third-party investment fund whereby the Company agreed to sell Pivot Financial I Limited Partnership, Pivot Financial Services Inc. and 2862454 Ontario Inc. (collectively, the \"Pivot Group\") to the Purchaser (the \"Pivot Sale\").\n\n\n\n\n\n\n\nUnder the terms of the Amending Agreement, the consideration payable by the Purchaser to the Company for the Pivot Group has been revised such that the Company will receive $1,000,000 in cash consideration on closing and the Purchaser will issue a promissory note to the Company in the aggregate amount of $1,278,541 (the \"VTB Note\"). The VTB Note will be non-interest bearing and will be assignable to Pivot Financial I Limited Partnership (\"Pivot LP\") as Brightpath Capital Corporation repays indebtedness owed to Pivot LP under a secured demand promissory note dated August 24, 2024 (the \"Brightpath Receivable\"). The assignment of the VTB Note to Pivot LP by the Company will set-off indebtedness owed by the Company to Pivot LP under a secured non-interest bearing promissory note that will be issued by the Company on closing of the Pivot Sale. The assignment of the VTB Note and the management of the Brightpath Receivable will be governed by a three-party agreement between the Company, Pivot LP and the Purchaser (the \"Three-Party Agreement\"). Also, the parties to the Pivot Sale agreed in the Amending Agreement to extend the outside date of the Pivot Sale to October 31, 2025 and that Montfort would provide a $250,000 guaran...