TORONTO, Aug. 30,
2024 /CNW/ - Genifi Inc. (formerly Prodigy Ventures
Inc.) (TSXV: GNFI) ("genifi" or the "Company") today announced the
receipt of final amounts owing in connection with the sale of TCB
Corporation ("TCB").
Genifi had previously announced (see press release dated
January 18, 2023) that it had
completed the disposition (the "Transaction") of all of the
issued and outstanding shares of TCB, which was the Company's
wholly-owned subsidiary, doing business as Prodigy Labs.
Pursuant to the terms of the Transaction, Prodigy was entitled
to receive cash consideration of up to $12.5
million, $8.5 million of which
was paid on closing and up to a maximum of $4 million of which was payable upon achieving
certain EBITDA and revenue targets and which were due within sixty
(60) days following the expiry of the earn-out period ending on
June 30, 2024. In addition, Prodigy
was entitled to a payment in respect of TCB's working capital on
closing which was approximately $600,000. On August 30,
2024, the Company received the final earn-out payment
totaling $1.2 million (before tax).
As a result, no further amounts are expected and the Transaction is
now complete.
About genifi inc.:
Genifi (formerly Prodigy Ventures) delivers Fintech innovation,
with its cutting-edge platforms: IDVerifact for digital identity
verification, and tunl.chat for generative AI chat.
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes
forward-looking information. Forward looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "intend", "could", "might", "should", "believe" and similar
expressions. Although genifi believes that the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, and that information obtained from third
party sources is reliable, they can give no assurance that those
expectations will prove to have been correct. Readers are cautioned
not to place undue reliance on forward-looking statements included
in this document, as there can be no assurance that the plans,
intentions or expectations upon which the forward-looking
statements are based will occur. The forward-looking information is
based on certain assumptions, which could change materially in the
future. By their nature, forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
our actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, risk factors set forth in genifi's Management's
Discussion and Analysis for the three and six months ended
June 30, 2024, a copy of which is
filed on SEDAR+ at www.sedarplus.ca. Readers are cautioned that
this list of risk factors should not be construed as exhaustive.
These statements are made as at the date hereof and unless
otherwise required by law, genifi does not intend, or assume any
obligation, to update these forward-looking statements.
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.
SOURCE genifi inc.
