VANCOUVER, BC / ACCESSWIRE / December 20, 2019 / 1169032 B.C. LTD. ("032BC") is pleased to announce that it has entered into a binding letter of intent to acquire 100% of the issued and outstanding shares of Nice-Vend Ltd., through a share purchase and sale agreement ("SPSA"), in a transaction described as a reverse takeover ("RTO") of 032BC by Nice-Vend. The parties intend to close the RTO by April 30, 2020, subject to customary conditions, including parties' satisfactory completion of due diligence, signing a definitive agreement, and all other relevant matters.
Nice-Vend Ltd., an Israel-based corporation, commenced operations in January 2007 and has since developed unique technology for the on-demand, automatic preparation of frozen textured beverages as well as manufacturing vending machines to dispense such products. Nice-Vend's primary product is a full automated stand-alone vending machine known as the "Quinzee", which uses proprietary technology to automatically create frozen textured drinks and smoothies. Nice-Vend, is pursuing its going-public transaction via the RTO with 032BC and will immediately pursue listing on the CSE upon closing of the SPSA and completion of concurrent financing of up to $7 million.
1169032 B.C. Ltd. is a company seeking to develop or acquire technologies for B2C and B2B commercial applications. 032BC is a reporting issuer in B.C. and Alberta.
For further information please contact:
J. Scott Munro, CEO and director
E-mail: [email protected]
Cautionary Note Regarding Forward Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) the inability to complete the Arrangement; and (ii) other factors beyond the Company's control. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE: 1169032 B.C. LTD