- All current and future A10 obligations and earnouts to be satisfied with one-time cash payment
- NowVertical better positioned to seamlessly apply organic growth strategies across LATAM
TORONTO, Sept. 12, 2024 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSX-V: NOW) (OTCQB: NOWVF) (“NOW” or the “Company”), a leading data analytics and AI solutions company, announces that it has completed the restructuring of its obligations in respect of Group Analytics 10 and Inteligencia de Negocios and its affiliate entities (together, “A10”) as part of restructuring its LATAM operations.
This restructuring releases the Company from all current and future obligations relating to the A10 Group, which was acquired in February 2023, in exchange for a one-time cash payment of US$130,000 to be paid by the Company in installments. The cash payment satisfies all earn out obligations and the remaining holdback amount payable to the A10 vendors.
“This restructuring allows us to streamline our business structure and further aligns our LATAM operations with the rest of our operating portfolio,” said Sandeep Mendiratta, CEO of NowVertical. “This important milestone under our “One Brand, One Business” strategy further integrates our business units. Brazil, Chile, and Mexico are significant regions in LATAM for our Company. We are now in a position to apply our organic growth strategies seamlessly across all major LATAM regions in order to accelerate growth. We plan to do so by cross-selling and up-selling our solutions and services and leveraging our technology partnerships that were previously siloed amongst different regions.”
Additional Information:
Unless otherwise indicated, all references to “US$” in this press release refer to US dollars, and all references to “CAD$” in this press release refer to Canadian dollars.
About NowVertical Group Inc.
The Company is a data analytics and AI solutions company offering comprehensive solutions, software and services. As a global provider, we deliver cutting-edge data, technology, and artificial intelligence (AI) applications to private and public enterprises. Our solutions form the bedrock of modern enterprises, converting data investments into business solutions. NOW is growing organically and through strategic acquisitions. For further details about NOW, please visit www.nowvertical.com.
Neither the 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.
For further information, please contact:
Andre Garber, CDO
IR@nowvertical.com
Nikhil Thadani, Investor Relations and Communications
nik@sophiccapital.com
t: (289) 667-1977
Forward-Looking Statements:
This news release contains forward-looking information and forward-looking information within the meaning of applicable Canadian securities laws (together “forward-looking statements”), including, without limitation: expectations regarding NOW’s business, finances and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2023. Further, these forward looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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