Stream Ventures Inc.

February 02, 2015 11:24 ET

Stream Ventures Announces Proposed Acquisition of Educational Company Ivek International

TORONTO, ONTARIO--(Marketwired - Feb. 2, 2015) - Stream Ventures Inc. ("Stream") announces that it has entered into a binding letter of intent dated January 30, 2015 for a business combination with IVEK International Education, Inc. ("IVEK") which will result in a reverse take-over (the "Transaction"). IVEK and Stream are arm's-length parties.

IVEK is a private education company, created in October of 2011, and moving forward by way of acquisition, partnership, and organic growth to penetrate both the online and live private education market. IVEK specifically targets language learning (primarily English as a Second Language - ESL), High School, and Corporate Training. A primary focus is distance education through university partnerships and career colleges. For further information regarding IVEK, visit its website at www.IVEK.ca.

Following the completion of the Transaction, the resulting company will carry on the business of IVEK. The Transaction is conditional upon IVEK completing a private placement to raise gross proceeds of not less than $1 million (the "Financing") and other customary terms and conditions. It is currently contemplated that, assuming the Financing is completed to raise $1 million at $0.10 per share, upon completion of the Transaction, the current shareholders of IVEK will hold approximately 40% of the resulting company, the current shareholders of Stream will hold approximately 20% of the resulting company and the purchasers in the Financing will hold approximately 40% of the resulting company. In connection with the Transaction, Stream will consolidate its issued and outstanding common shares on a basis that reflects the foregoing ratios, the name of Stream will be changed to a name that is determined by IVEK and the board of directors of Stream will be reconstituted. The completion of the Transaction is also conditional upon receipt of the requisite approval of the Stream shareholders and the IVEK shareholders, and the execution of a definitive agreement setting forth the terms of the Transaction.

Forward Looking Information

Completion of the Transaction is subject to a number of conditions, including shareholder approval. The Transaction cannot close until all required shareholder approvals are obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the Transaction, any information released or received with respect to the Transaction described herein may not be accurate or complete and should not be relied upon.

Contact Information

  • Ivan Davis
    Chief Operating Officer
    IVEK International Education, Inc.
    (416) 738-7595
    idavis@ivek.ca

    Steven Mintz
    President & CEO
    Stream Ventures Inc.
    (416) 864-0578
    smintz66@gmail.com