XMachina AI Group Inc. announces CLOSING OF $18M Letter of Intent
MONTREAL & VANCOUVER, British Columbia–(BUSINESS WIRE)–XMachina AI Group Inc., formerly 1210352 B.C. Ltd., (the “Company”) announces that it has signed a Letter of Intent (“LOI”) to acquire Nuvoola AI Inc. for $18,000,000 through a combination of cash, shares and earned-out consideration.
“We are thrilled to have Nuvoola AI Inc. join the XMachina AI group of companies and for us to be part of their strategic growth for the next years to come,” commented Claude G. Théoret, CEO of XMachina AI Group Inc. “We see the Nuvoola acquisition as a strategic milestone for XMachina and its plan to accelerate the development of the Company’s position as a leader in applied AI in North America,” continued Claude G. Théoret.
The Company anticipates closing the acquisition on or before October 1, 2022 and is subject to a final Share Purchase Agreement based on the due diligence process conducted by the Company.
Nuvoola AI Inc. transforms video, voice and data into actionable intelligence to drive operational performance by automating processes, increasing visibility and improving velocity. “The opportunity to join forces with XMachina comes at an exciting time for Nuvoola. With our talented team of AI developers and successes so far in logistics, military and supply chain solutions, teaming up with XMachina will enable us to accelerate our business objectives and assist with the streamlining of our processes and market deployment strategies,” commented Martin Renière CEO of Nuvoola AI Inc.
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Contacts
XMachina AI Group Inc.
Patrick Brown
Chief Financial Officer & Director
T: 514-560-4628
About XMachina-AI Inc.
XMachina AI Group Inc. acquires companies that are applying AI and advanced data analytics in innovative ways to solve real world business problems. The Company then accelerates their growth by injecting capital, top tier talent and by streamlining their corporate processes. Current sectors of interest for the Company include supply-chain and logistics, manufacturing, construction, and real estate management. For more information, please visit: https://machina-ai.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this document include, among others, statements relating to expectations and intentions regarding the Listing on the Exchange, preparing and filing and receiving a receipt from the BCSC with respect to the Prospectus, the business plans of the Company and other statements that are not historical facts. 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. Such factors and risks include, among others: (a) that there is no assurance that the Company will obtain a conditional or final approval from the Exchange in connection with its planned CSE or final receipt from the BCSC in connection with the Prospectus on the expected timeline or at all; (b) the anticipated costs to complete the Listing may exceed current expectations; (c) following completion of the Business Combination, the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions; (d) the new laws and regulations could adversely affect the Company’s business and results of operations; (e) the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; (f) limited business history of the Company; (g) disruptions or changes in the AI markets or the economy generally; (h) unanticipated costs and expenses; and (i) general market and industry conditions.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
