VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2013) - LX Ventures Inc. (TSX VENTURE:LXV) ("LXV" or the "Company") and Weeve Ventures Inc. ("Weeve") are pleased to announce that they have finalized an asset acquisition agreement in which LXV will acquire all of Weeve's assets including their crowdfunding platform Weeve.it.
Since its launch in July 2012, Weeve has helped dozens of nonprofits by providing a simple and effective platform to increase their fundraising efforts, making it easier to raise funds as compared to traditional fundraising methods. Weeve's platform currently enables nonprofits to tap into a new crowd of socially-conscious and tech-savvy individuals. Weeve was featured in the major press including TechVibes, TechCrunch, The Digital Journal and The Huffington Post. Weeve was named as one of the "top 6 coolest companies to watch" by The Metro and described as the startup "set to disrupt nonprofit fundraising" by The Digital Journal.
LX Ventures plans to take Weeve's sophisticated crowdfunding framework and repurpose it for use in other industries that are ready for disruption.
"Weeve's crowdfunding technology is a natural fit for our FinTech market vertical. Together, we will internally innovate and deliver revolutionary funding solutions across multiple market sectors," said Ray Walia, COO of LX Ventures.
Alex Chuang, Co-founder and CEO of Weeve, said, "We couldn't be more thrilled to join forces with LX Ventures. With LX Ventures accelerating our growth with their business intelligence, we can continue to innovate and take crowdfunding to new heights."
About LX Ventures
LX Ventures is a publicly traded technology incubator that launches, integrates, and acquires early stage high growth technology companies. We are a group of entrepreneurs dedicated to developing the next generation of entrepreneurs by providing funding, resources, mentorship, and access to our global network. We are in the business of building businesses. Our approach is twofold: we either partner with existing companies to assist with distribution and scaling or we internally innovate from idea generation through to launch and exit. For further information about LX Ventures, its technology, collaborations and partnerships, please visit: www.lxventures.com.
ON BEHALF OF THE BOARD
LX VENTURES INC.
Mike Edwards, President & CEO
CAUTIONARY NOTE: FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of LX are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by LX are those risks described herein and from time to time, in the filings made by LX with Canadian securities regulators. Those filings can be found on the Internet at http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory 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.