CALGARY, ALBERTA and PALO ALTO, CALIFORNIA--(Marketwired - Jan. 2, 2015) - Vogogo Inc. ("Vogogo" or the "Corporation") (TSX VENTURE:VGO) is pleased to announce that it has completed the acquisition of all of the issued and outstanding shares of Vanado, Inc., a specialized consulting and payment services company based out of Denver, Colorado, for an aggregate deemed purchase price of approximately $610,000, comprised of the issuance of 227,273 common shares in the capital of the Corporation ("Common Shares") pursuant to a share purchase agreement (the "Agreement"). The Agreement also provides for certain post-closing payments of up to $1,000,000 which shall be payable in Common Shares upon the Corporation achieving certain performance thresholds set out in the Agreement.
The acquisition of Vanado effectively expands Vogogo's US operational presence in support of servicing the US market.
Vogogo CEO Geoff Gordon said of the announcement, "In addition to bringing several key resources into the Vogogo team, this acquisition expands our US operational presence allowing us to better support the US market."
Vogogo is a TSX Venture Exchange ("TSXV") publicly traded payment services company with integrated risk management and compliance. Founded in 2008, Vogogo designed, built and launched its web-based payment processing technology while growing its expertise in software development, payments, risk management, compliance and related financial services. Vogogo is now executing on its plan to serve global markets. The plan focuses on market opportunities where Vogogo believes it has a competitive advantage due to its positioning and technology.
For further company information please view the Vogogo Media Kit.
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Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may contain forward-looking information. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Vogogo. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.