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Turnium Technology Group Extends Exclusivity Period of Non-Binding Letter of Intent with ActivePort
Vancouver, British Columbia--(Newsfile Corp. - May 5, 2023) - Turnium Technology Group Inc. ( TSX...
About this update from Turnium Technology Group Inc Class A
[{"type":"text","content":"Turnium Technology Group Extends Exclusivity Period of Non-Binding Letter of Intent with ActivePortVancouver, British Columbia--(Newsfile Corp. - May 5, 2023) - Turnium Technology Group Inc. (TSXV: TTGI) (\"Turnium\" or the \"Company\"), an industry leader in cloud-native software-defined wide area networking solutions (SD- WAN), provides an update regarding its previously announced non-binding letter of intent (the \"Non-Binding LOI\") with respect to a potential share purchase transaction (the \"Potential Transaction\") with one of its publicly listed strategic partners. The Company is pleased to announce that the counterparty to the Potential Transaction is ActivePort Group Ltd. (ASX: ATV), an Australian software company (\"ActivePort\"). The parties have extended the exclusivity period for negotiation of definitive documents through to May 31, 2023.The Potential Transaction is expected to bring together Turnium's best-in-class connectivity solution for businesses that need reliability, better bandwidth, high performance and sub-second failover, with ActivePort's orchestration suite that enables network automation, minimizing operational costs while optimizing customer control over their environment. It is anticipated that the combined company will deliver a fully integrated solution across a global sales and support footprint; with more than 50 telco customers, more than 200+ channel partners and more than 500 customers globally.The parties to the Non-Binding LOI will continue the due diligence process and the special committee of independent members of the Board of Directors of the Company formed in connection with the Potential Transaction (the \"Special Committee\") will undergo a process of negotiation and consideration of a definitive and binding purchase agreement. The Special Committee has retained Canaccord Genuity Group Inc. as financial advisors for the purpose of reviewing the Non-Binding LOI and providing advice as to the negotiation of the final valuation for the Proposed Transaction and the financial merits of the Potential Transaction to the stakeholders of the Company.Further updates and particulars of the Transaction will be provided upon the Company and ActivePort entering into the definitive and binding purchase agreement in connection with the Potential Transaction.There can be no assurance that the execu...