Prior Agreement with SJD Consulting Withdrawn
TORONTO, ON / ACCESSWIRE / July 10, 2020 / DIGIMAX GLOBAL SOLUTIONS (CSE:DIGI) (the "Company" or "DigiMax") is pleased to announced that it has signed a Letter of Intent to acquire all of the outstanding shares of DataNavee Corporation, based in Toronto, Ontario. DataNavee ("DNV") was formed by an experienced team of professionals that have been involved in the Artificial Intelligence and data analytics sector for over twenty years. DNV is currently focused in providing sophisticated " predictive analytics as a service" solutions to companies around the world on a Software as a Service (SaaS) basis.
It is anticipated that prior to completing the acquisition, DigiMax will conduct a capital raise of up to $1 million by issuing Units consisting of one common share at 5 cents per share and ½ warrant exercisable at 7.5 cents per share for 24 months following closing of the funding.
DigiMax has also reached a friendly agreement to withdraw its agreement with SJD Consulting whereby 15 million shares had been issued and placed in escrow subject to the completion of certain events. While progress has been made on several fronts as intended by the parties, no milestones were completed that resulted in the release of shares from escrow and the withdrawal of the agreement will result in the cancellation of all 15 million of the shares placed in escrow.
As a result, DigiMax currently has 60,590,909 shares outstanding and it will issue 55,000,000 shares to the existing shareholders of DNV. One-quarter of these shares will be issued without escrow and the remaining shares will be placed in escrow and one-third will be released at the end of each 3-month period after the closing of this transaction.
While DNV can provide support to the food industry as described in a prior release, DNV technology can also support the financial services industry, retailers, and supply chain management companies by providing predictive analytics of supply and demand of goods and services, predictive pricing, and the identification of underserviced areas of high demand. Security of client data can also be maintained through sophisticated blockchain applications.
DNV provides an extension to the current financial services offering of DigiMax, and through the use of technology and blockchain, dramatically increases the revenue and profit opportunities for DigiMax. The DNV technology can also be applied to the existing operations of DigiMax to enhance the current rate of growth.
A definitive agreement is anticipated to be completed before July 31, 2020 with the closing of the acquisition anticipated soon thereafter.
DataNavee has been incorporated to draw together the efforts of a team of artificial intelligence engineers and developers from around the world.
It is currently focused on providing solutions that utilize "predictive analytics as a service" so that clients could upload their own data sets as input for the predictive software and be provided with custom reports. This direct access approach eliminates the needs for clients to maintain expensive in-house scientists, while at the same time producing highly sophisticated predictive analytics at a small fraction of the cost of custom in-house solutions.
DigiMax is based in Toronto and is the first company in the Digital Security space to be both publicly listed (listed on the Canadian Securities Exchange-symbol: DIGI) and own a registered Dealer. Canada, DigiMax Capital Corp is an 'Exempt Market Dealer registered in Ontario.
The corporate group presently consults to operating businesses and helps them raise capital through the issuance of traditional securities.
The Company has a highly qualified management team with extensive experience in global financial and capital markets, combined with a rapidly expanding global presence through collaborative partnerships in the USA, Hong Kong, Indonesia, Malaysia, England, Singapore, Korea and Malta.
President & CEO
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SOURCE: DigiMax Global Solutions