This News Release is not for Distribution or Dissemination in the United States of America
TORONTO, ON / ACCESSWIRE / March 19, 2019 / KYC Technology Inc., an independent reporting issuer in the Provinces of British Columbia and Alberta ("KYC" or "the Company") announces that, Zara Wettreich an investor in KYC, and three other shareowners, have closed the sale of the majority of their shareholdings in KYC.
The shares were acquired by a group of private investors in the United States (collectively "Purchasers"), from Zara Wettreich and Sammiri Capital Inc, a private company owned by Zara Wettreich, GreenBank Capital Inc., David M. Lonsdale and Mark Wettreich. The total amount of 2,377,325 common shares of KYC representing 95.09% of the issued and outstanding share capital of KYC were sold for the payment of CAD$772,631 at a deemed price of CAD$0.325 per share.
It is also announced that the Purchasers will be making an offer to purchase the remaining 4.91% of the issued and outstanding share capital of KYC at the same deemed price of CAD$0.325 per share. A letter formally extending this offer will be mailed to all shareholders this week by Mark Wettreich, CEO - KYC Technology, on behalf of the Purchasers.
Closing of this second Share Acquisition is anticipated to be on or before April 30th 2019, and will be subject to compliance with any required governmental and securities regulations. At closing, it is anticipated that new directors and officers will be appointed.
About KYC Technology:
KYC Technology Inc ("KYC") was founded to acquire all rights, title and interest to KYCGlobal.net, a worldwide online 24-hour "Know Your Customer" identification verification process. KYC was incorporated on June 6, 2017 as a British Columbia Corporation. Following the completion of a Plan of Arrangement between the Company and GreenBank Capital Inc, KYC became an independent reporting issuer in the Provinces of British Columbia and Alberta.
SOURCE: KYC Technology Inc.