VANCOUVER, BC, May 10, 2023
/CNW/ - ECC Ventures 5 Corp. (the "Company" or
"ECC5") (TSXV: ECCV.P) is pleased to provide an update on
the status of its proposed qualifying transaction, previously
announced May 16, 2022, pursuant to
which it will acquire (the "Acquisition") all the issued and
outstanding share capital of Shelfie-Tech Ltd.
("Shelfie").
The Company continues to work with Shelfie on completing the
financing that is being conducted in connection with the
Acquisition (the "QT Financing"), and with the preparation
of all documentation necessary to complete the requirements of the
TSX Venture Exchange (the "Exchange") and the Acquisition.
This includes the preparation of the filing statement under the
policies of the Exchange for filing on the Company's profile on the
SEDAR website, which will contain fulsome disclosure in accordance
with applicable securities law and the policies of the Exchange
regarding the Acquisition, ECC5, Shelfie and the issuer resulting
from the Acquisition (the "Resulting Issuer").
Shelfie is a private Israeli company focussed on the development
and commercialization of an artificial intelligence powered real
time shelf inventory analytics robotic platform. Shelfie's
innovative solution consists of a digital image capturing system
and a centralized management system that provides real-time
visibility into the retail shelf supply, pinpointing the exact
products running low on inventory, allowing for rapid remediation
and an enhanced customer experience.
For more information regarding Shelfie, please visit its website
at www.shelfietech.com.
A copy of the definitive agreement among ECC5 and Shelfie is
accessible under ECC5's profile on SEDAR (www.sedar.com).
Completion of the Acquisition is subject to a number of
conditions, including Exchange acceptance, and completion of the QT
Financing. Trading of ECC5's common shares will remain halted
pending further filings with the Exchange.
On Behalf of the Board of Directors of ECC
Ventures 5 Corp.
Doug McFaul
Director
Completion of the Acquisition is subject to a number of
conditions, including, among others, Exchange acceptance and if
applicable pursuant to TSXV Requirements, majority of the minority
shareholder approval. Where applicable, the Acquisition cannot
close until the required approvals are obtained. There can be no
assurance that the Acquisition will be completed as proposed or at
all.
Investors are cautioned that, except as disclosed in the
disclosure document to be prepared in connection with the
Acquisition, any information released or received with respect to
the Qualifying Transaction, or the Acquisition may not be accurate
or complete and should not be relied upon. Trading in the
securities of ECC5 should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed
Acquisition and has neither approved nor disapproved the contents
of this news release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
Statements included in this announcement, including
statements concerning our and Shelfie's plans, intentions, and
expectations, which are not historical in nature are intended to
be, and are hereby identified as, "forward–looking statements".
Forward-looking statements include, among other matters, the terms
and timing of the Acquisition and the QT Financing, the growth
plans of Shelfie and statements concerning the Company following
the Acquisition, including the composition of the Company's board
of directors and management team. Forward–looking statements may
be, but are not always, identified by words including
"anticipates", "believes", "intends", "estimates", "expects" and
similar expressions. The Company cautions readers that
forward–looking statements, including without limitation those
relating to the Company's and Shelfie's future operations and
business prospects, are subject to certain risks and uncertainties
(including risks that the Acquisition does not proceed, or
proceed on the expected terms, geopolitical risk, regulatory,
Covid-19 and exchange rate risk) that could cause actual results to
differ materially from those indicated in the forward–looking
statements. There can be no assurance that any forward-looking
statement will prove to be accurate or that management's
assumptions underlying such statements, including assumptions
concerning the Acquisition or future developments, circumstances or
results will materialize. The forward-looking statements included
in this news release are made as of the date of this new release
and the Company does not undertake to update or revise any
forward-looking information included herein, except in accordance
with applicable securities laws.
SOURCE ECC Ventures 5 Corp.
