Business
Yappn Executes Purchase Agreement for Patents and Ecommerce Language Services Assets
Yappn Executes Purchase Agreement for Patents and Ecommerce Language Services Assets.
About this update from Yappn Corporation
[{"type":"text","content":"\nNEW YORK, July 16, 2015 (GLOBE NEWSWIRE) -- Yappn Corp. (\"Yappn\" or \"Company\") (OCTQB:YPPN) a leader in real-time language technology and translation is pleased to announce that it has, with the approval of the Board of Directors of each company, entered into a definitive agreement to acquire all of the intellectual property assets of Ortsbo Inc. (\"Ortsbo\"), a subsidiary of Intertainment Media Inc. (TSX-V:INT) (OTC:ITMTF) (FRA:I4T) (\"Intertainment\") as previously announced on May 26, 2015.\n\n\tThe purchased assets include US Patent No. 8,983,850 B2, US Patent No. 8,917,631 B2, US Patent No. 9,053,097 B2, and other intellectual property including Ecommerce and Customer Care know-how for a total purchase price of US $17 Million, which will be paid by the assumption of US $1 Million in debt and the issuance of US $16 Million worth of Yappn restricted common shares (320 Million shares at US $0.05 per share). The transaction is subject to closing conditions including each party obtaining all necessary approvals, including stock exchange approval and shareholder approval, if required.\n\n\tIn anticipation of these transactions, on June 11, 2015, Yappn announced that its Windrose Global Ecommerce Platform (\"Windrose\" or \"WGE\") is now available at Shopify's® app store. Yappn's WGE application for Shopify® is a Microsoft Azure® cloud recurring fee based software-as-a-service (SaaS) deliverable that is a combination of a native Shopify® application (app) and a cloud-based real-time service and portal enabling E-tailers to expand their reach into up to 67 different languages simply and easily through an automated app install without any development or computer programming experience required on the user's part.   The Windrose app allows online stores to be viewed in multiple languages without the creation of additional Shopify® storefronts, making marketing, sales and support seamless and easy to both the customer and vendor. \n\n\tYappn also announces that it has completed a secured debt financing of US $4.5 Million of secured debentures and expects to close a further US $1 Million prior to the completion of the purchase of the Ortsbo assets. This financing is supported by Yappn's secured line of credit holders and, as previously announced, Yappn executed a non-binding letter of intent wit...