NameSilo Technologies Corp. Enters Letter of Intent to Acquire 100% of SewerVUE Technology Corp.
SewerVUE Technology Corp's team of expert engineers has helped pioneer large-diameter pipe inspection technology with innovations such as pipe-penetrating radar and multi-sensor inspections to ensure their partners and clients have reliable, comprehensive data to make proper and well-informed decisions when it comes to maintaining critical infrastructure.
With the data collected from SewerVUE's advanced robotic inspection vehicles, the company can detect voids, get accurate wall thickness measurements, measure sediment volume and reinforcement cover, and provide the data needed to inform the remaining useful life of linear assets. The company can help create digital doubles for pipeline assets, help plan slip-lining projects, and determine pitting and areas of stress.
With a project track record that spans the globe, SewerVUE services municipalities, mining corporations and engineering firms, inspecting even the most challenging linear assets. SewerVUE is a world leader in multi-sensor inspection technologies using LiDAR, sonar, HD-CCTV and their pioneered technology pipe penetrating radar (PPR).
Under the terms of the LOI, NameSilo and SewerVUE have agreed to settle the terms of a definitive share purchase agreement whereby NameSilo will acquire all of the issued and outstanding shares of SewerVUE. In consideration thereof, NameSilo has agreed to pay C$2,450,000 to the SewerVUE Shareholders.
Closing of the acquisition of SewerVUE is subject to the parties entering into a definitive share purchase agreement, completion of due diligence of SewerVUE by NameSilo and satisfaction of the conditions set forth in the definitive share purchase agreement.
NameSilo Technologies Corp.
www.namesilo.com
About NameSilo Technologies Corp. and NameSilo LLC
NameSilo Technologies Corp. invests its capital in companies and opportunities which management believes are undervalued and have potential for significant appreciation. The company makes investments in both public and private markets and focuses on opportunities in a wide variety of industries excluding the resource and resource service sectors. NameSilo does not invest on behalf of any third party and it does not offer investment advice.
NameSilo LLC is a low-cost provider of domain name registration and management services. As an accredited ICANN registrar, NameSilo is one of the fastest growing domain registrars in the world with approximately 5.8 million active domains under management from approximately 160 countries.
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding potential future investments by the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements.
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KENZ, through its Saudi Arabian subsidiaries, owns and operates several exploration blocks located in Saudi Arabia, including a 63% interest (a " Majority Interest") in its material property, the AM ARTI mineral exploration and development project in Saudi Arabia (the " AM ARTI Project"). KENZ holds its Majority Interest in the AM ARTI Project, and all assets related to the operation and administration thereof, through its Saudi Arabian incorporated subsidiary, Kenz Global Resources Limited, registration number: 1010863037 (" Kenz Saudi Arabia"). KENZ is authorized to issue an unlimited number of common shares and an unlimited number of preferred shares of which 33,740,702 common shares are currently issued an outstanding. It is anticipated that prior to closing the Proposed Transaction, KENZ will complete a consolidation (the " Consolidation") on a ratio to be determined in consultation with KENZ's legal and financial advisors and SKRR. 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The Proposed Transaction will be structured as a share exchange, plan of arrangement, amalgamation or other form of business combination based on the advice of the parties' respective advisors and taking into account various securities, tax, operating and other considerations. Upon the satisfaction or waiver of the conditions set out in Definitive Agreement, the following, among other things, will be completed in connection with the Proposed Transaction: a) SKRR will acquire all of the issued and KENZ Shares from the shareholders of KENZ in consideration for the issuance of common shares of SKRR (" Resulting Issuer Shares") on a pro rata basis to their shareholdings in KENZ on an exchange ratio such that upon closing of the Proposed Transaction, subject to the approval of the Exchange, the shareholders of SKRR will hold 25% of the issued and outstanding Resulting Issuer Shares and former shareholders of KENZ will hold 75% of the issued and outstanding Resulting Issuer Shares, on a fully-diluted basis; b) the board of directors of the Resulting Issuer will be comprised of six (6) directors, consisting of four (4) nominees from KENZ, one nominee from Haywood Securities Inc., Kenz's financial advisor and one nominee from SKRR. 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