Business
Acquisition
Acquisition.
About this update from Pri0r1ty Intelligence Group Plc
[{"type":"text","content":"\n\nThis announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.\n27 June 2024\nAlteration Earth PLC (\"ALTE\" or the \"Company\")\nHeads of Terms Signed and Proposed Acquisition\nFurther to the announcement made on 24 June 2024, the Board is pleased to provide this further update. As mentioned in the aforesaid announcement, whilst the Board was disappointed that the proposed acquisition of Verdant Earth Technologies Limited could not be progressed, the Board has been actively exploring other potential acquisition opportunities, including in a different sector of the market.\nThe Board is pleased to announce that, yesterday, it entered non-binding heads of terms to acquire the entire issued share capital of PRI0R1TY AI PLC, an unquoted public limited company incorporated in England and Wales (\"PRI0R1TY\") in consideration for an issue of new shares in the Company (the \"Proposed Acquisition\"). The Proposed Acquisition is subject to legal, financial and other due diligence and entry into a legally binding share purchase agreement (\"SPA\"). As no binding agreement has yet been reached, the Company cannot guarantee that the Proposed Acquisition will proceed to completion.\nAbout PRI0R1TY\nPRI0R1TY is an artificial intelligence (AI) driven, data powered software as a service (SaaS) solution that aims to help businesses at various stages of their journey by creating efficiency through technology. Its objective is to assist SMEs by providing a combination of services derived from deep learning, data architecture and AI models.\nPRI0R1TY is building a digital agent for automated business processes, whose underlying technology is Priority Advisor, a bespoke AI-powered advisory bot that uses Deep Learning and can engage investors, customers or stakeholders either on a website, IM or email server. It will collect data on customer interactions to enrich the language model and build community interest maps that power content creation and additional support services.\nPRI0R1TY will have multiple product lines in four different verticals: governance, fin...