Business
Sayward Capital Corp. Announces Proposed Business Combination with Field Safe Solutions Inc.
Calgary, Alberta--(Newsfile Corp. - July 28, 2021) - Sayward Capital Corp. (TSXV: SAWC.P) ...
About this update from Sayward Capital Corp.
[{"type":"text","content":"Sayward Capital Corp. Announces Proposed Business Combination with Field Safe Solutions Inc.Calgary, Alberta--(Newsfile Corp. - July 28, 2021) - Sayward Capital Corp. (TSXV: SAWC.P) (\"Sayward\") is pleased to announce details concerning a proposed arm's-length business combination (the \"Transaction\") with Field Safe Solutions Inc. (\"Field Safe\"), a corporation formed under the laws of Alberta. Overview of SaywardSayward is a \"capital pool company\" under the policies of the TSX Venture Exchange (the \"Exchange\") and it is intended that the Transaction will constitute the \"Qualifying Transaction\" of Sayward, as such term is defined in Exchange Policy 2.4 - Capital Pool Companies. The common shares of Sayward (the \"Sayward Common Shares\") are currently listed on the Exchange and Sayward is a reporting issuer in the provinces of British Columbia, Alberta, Manitoba and Ontario. Sayward was incorporated under the Business Corporations Act (Alberta) (the \"ABCA\") on November 17, 2020. Overview of Field SafeField Safe is a privately-held corporation existing under the ABCA, incorporated on March 20, 2014. Field Safe is a Canadian software as a service company located in Calgary, Alberta that provides an easy-to-use worker safety app that connects workers, improves safety, optimizes operations and lowers costs. Field Safe has experienced rapid growth which was illustrated through a 229% year over year revenue increase during 2020. Field Safe is a leader in the digital safety space and has 10 Fortune 1000 Companies that currently use their digital safety platform, including one of Canada's largest LNG projects.Summary of the Proposed TransactionSayward has entered into a non-binding letter of intent with Field Safe dated July 27, 2021 (the \"LOI\") pursuant to which Sayward and Field Safe intend to complete the Transaction, and whereby Sayward as it exists upon completion of the Transaction (the \"Resulting Issuer\") will continue the business of Field Safe. It is currently anticipated that the Transaction will occur as a merger, amalgamation or share exchange, the final structure of the Transaction being subject to receipt of tax, corporate and securities law advice for both Sayward and Field Safe. The LOI is expected to be superseded by a definitive agreement (the \"Definitive Agreement\") to be signed between the parties. ...