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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XMachina AI Group Inc.
Chief Financial Officer & Director
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
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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.
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