Business
Turnium Technology Group Inc. Acquires IP Addresses Assets
Vancouver, Canada--(Newsfile Corp. - December 12, 2022) - Turnium Technology Group Inc. (TSXV: TT...
About this update from Turnium Technology Group Inc Class A
[{"type":"text","content":"Turnium Technology Group Inc. Acquires IP Addresses AssetsVancouver, Canada--(Newsfile Corp. - December 12, 2022) - Turnium Technology Group Inc. (TSXV: TTGI) (\"Turnium\" or the \"Company\"), an industry leader in cloud-native software-defined wide area networking solutions (SD-WAN), announces that it has signed an agreement to acquire, through its wholly-owned subsidiary, Turnium Network Solutions Inc., the IP addresses and certain data center assets from PSD Professional Systems Designs Ltd. (\"PSD\") for an aggregate cash payment of $85,000.The terms of the transaction were negotiated at arm's length. Completion of the transaction is subject to customary conditions including, but not limited to, the approval of the TSX Venture Exchange. Closing of the transaction is anticipated on or before December 31, 2022.As PSD is owned by a director of the Company, the acquisition of the assets will be considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company will rely on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the acquisition of the assets. None of the Company's directors has expressed any contrary views or disagreements with respect to the foregoing. Johan Arnet declared his interest and abstained from voting the approval of the asset purchase. About Turnium Technology Group Inc. Turnium Technology Group Inc. delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that OEM channel partners host, manage, brand, and price. Turnium is also available to Resellers as a Turnium-branded managed service. Turnium SD-WAN solutions is sold through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers. For more information, contact [email protected], visit www.turnium.com, or follow us on Twitter @turnium.About SD-WANSD-WAN is revolutionizing the networking and telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small and medium businesses, cloud and managed services providers from the business ...