VANCOUVER, Feb. 3, 2017 /CNW/ - Fireswirl Technologies Inc.
(TSXV: FSW) ("Fireswirl" or the "Company") is pleased
to announce that it has entered into a definitive share purchase
agreement (the "Agreement") with the sole shareholder (the
"Vendor") of AMZON (HK) Limited ("AMZON"), to acquire
60% of the issued and outstanding common shares ("Shares")
of AMZON in consideration for an aggregate purchase price (the
"Purchase Price") of HK$7.2
million (approximately C$1.2
million). The Purchase Price is payable by the Company in
three instalments as follows: (a) HK$4.8
million (approximately C$800,000) in consideration for 40 Shares no
later than 14 days after all of the conditions precedent in the
Agreement have been fulfilled; (b) HK$1.2
million (approximately C$200,000) in consideration for an additional 10
Shares no later than 30 days after the first payment date; and (c)
HK$1.2 million (approximately C$200,000) in consideration for an
additional 10 Share no later than 30 days after the second payment
date, on the terms and conditions set forth in the Agreement.
AMZON is a private company incorporated pursuant to the laws of
the Hong Kong Special Administrative Region of the People's Republic of China. AMZON is in
the business of providing multimedia and interactive marketing
solutions, specializing in 3D visualizations, computer graphics and
digital design. It has also developed and deployed AR and VR
applications for customers in the property and sports segments. In
the property segment, Amzon VR and AR applications are mainly
deployed for sales and promotional use. In the sports segment,
Amzon has developed its own branded VX System, which integrates
seamlessly with VR technology and indoor cycling applications."
"The Board has unanimously approved this transaction as the
future of VR technology is bright and continues to gather momentum
at an exciting pace", Stated Lawrence Ng, CEO, "Consumers are
demanding a more interactive experience and will want to explore
and enjoy immersive films, casinos, shopping, fitness and games
with their devices. Management has partnered with a leader in this
emerging space and will expand its market reach through this new
collaboration."
Under the terms of the Agreement, Fireswirl shall have the right
to initially appoint two (2) out of three (3) directors to the
board of directors of AMZON. In addition, Fireswirl and the Vendor
will each be entitled to a right of first refusal in connection
with the transfer by the other party of its Shares.
Completion of the transaction by Fireswirl is subject to
customary closing conditions, including receipt of final approval
of the TSX Venture Exchange, completion of due diligence by
Fireswirl and other customary closing conditions.
About Fireswirl
Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating
transactional revenue by engineering electronic and mobile commerce
solutions for content providers. Fireswirl's technology has broad
applications for solutions requiring multiple payment interfaces,
multicurrency and multi-language capabilities. Fireswirl's
solutions can be adapted to any industry seeking high volume or
micro-payment solutions involving a wide base of users through
internet or wireless applications.
This news release contains certain forward-looking statements
that reflect the current views, beliefs, assumptions and
expectations of Fireswirl with respect to its performance, business
and future events. Such forward-looking statements are subject to a
number of risks, assumptions and uncertainties that could cause the
Company's actual results to differ materially from those projected
in such forward-looking statements. In particular, factors that
could cause actual results to differ materially from those in
forward-looking statements include: Fireswirl's expectations
regarding its ability to complete, and the anticipated results of,
the transaction with AMZON and the funds that will be available to
it upon completion of the transaction with AMZON. Although the
Company considers these beliefs and assumptions to be reasonable
based on information currently available to it, they may prove to
be incorrect. Although Fireswirl has attempted to identify
important factors that could cause actual results to differ
materially from those contained in the forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Fireswirl does not
undertake any obligations to update any forward-looking statements,
except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Fireswirl Technologies Inc.