TORONTO, ONTARIO--(Marketwired - Nov. 10, 2016) - Further to its announcement via news release dated November 1, 2016 concerning the second closing of its arm's length brokered private placement of subscription receipts (the "Private Placement") by Findev Inc. (TSX VENTURE:FDI) (the "Company" or "Findev") in connection with its proposed change of business from one focused on the digital distribution of games for Smart TVs, next-generation set-top boxes and over-the-top devices, to that of lending to, investing in and financing real estate transactions (the "Proposed COB"), the Company is pleased to provide additional updates on the status of the Proposed COB.
The Company is pleased to announce the appointment of Claude Ayache as the Company Chief Financial Officer. Mr. Ayache is a seasoned financial executive and CPA, CMA with more than 25 years of experience in various financial roles and has served on numerous private and public boards as well as non-for-profit organizations.
The Company is also pleased to confirm that it expects to complete in the near future the previously announced sale of its GameTree TV business. The parties to the transaction have agreed to amend the purchase price and payment structure. Instead of a payment of US$125,000 plus 25% of the revenue generated from the business for seven months following the sale and a potential additional sum of US$50,000, all subject to certain conditions and contingencies, the amended price will be US$225,000, with US$50,000 payable on closing and US$175,000 payable over time and in any event by September 30, 2017.
Completion of the Proposed COB remains subject to a number of conditions, including the completion of the sale of the Company's GameTree TV assets and TSXV acceptance. The Company's common shares are expected to remain halted from trading on the TSXV until completion of the COB.
On behalf of the Company,
Sruli Weinreb, CEO
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Certain statements in this document may constitute "forward-looking" statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like "may", "will", "expect", "continue", "believe", "plan", "intend", "would", "could", "should", "anticipate" and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the "Risk Factors" section of the Company's the most recently filed Annual Report which is available on SEDAR at www.sedar.com.
Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements. We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.