AKRFF - Ackroo Completes Acquisition of IQ724
OTTAWA, July 03, 2019 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR, OTC: AKRFF) (the “Company” or “Ackroo”), a gift card, and loyalty marketing technology and services provider, through its’ wholly-owned subsidiary Ackroo Canada Inc., is pleased to announce that it has completed the acquisition of specific assets of I.Q. 7/24 Inc. (“IQ724”), a wholly-owned subsidiary of Mobi724 Global Solutions Inc. (TSX-V: MOS, OTCQB: MOBIF) (“Mobi724”). Mobi724 is an arms’-length global Fintech company, offering a fully integrated suite of multiple Card-linked Offers and Rewards (“CLO&R”), Digital Marketing and Business Intelligence (“DMBI”) and Payment Solutions (“Payment”). Under the terms of the acquisition, Ackroo acquired certain key customer contracts, their related operations, certain platform components, all associated hardware and pursuant to a 2 year licensing agreement the rights to utilize the IQ724 software platform, adding over 400 customer locations to Ackroo. In consideration for the acquisition, the Company has paid $2,800,000 in cash via a loan facility with BDC Capital.
About Mobi724
“We enable smart transactions anywhere"
Mobi724, a global Fintech company, offers a fully integrated suite of multiple Card-Linked Offers and Rewards, Digital Marketing and Business Intelligence and Payment Solutions (including a mobile EMV compliant payment platform), which work with any payment card, on any mobile device and at any Point of Sale. Mobi724 provides turnkey solutions for card associations, card issuers, banks, retailers, manufacturers, offer providers, to create, manage, deliver and track and measure incentive campaigns worldwide in real time. The company captures value from big data to deliver seamless and personalized user experiences for the benefits of all parties in the ecosystem. Mobi724 headquarters are in Montreal, Canada, and the company presently has operations in North and Latin America, the Caribbean and Asia Pacific. For more information, visit www.mobi724.com.
About Ackroo
Ackroo provides merchants of all sizes a robust, cloud based multi-currency marketing platform to help attract, engage and grow their customers while increasing their revenues and margins. Through a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process gift card, loyalty and promotional transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their gift card and loyalty accounts. Ackroo also provides important marketing services to assist their merchants with utilizing Ackroo’s technology solution. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
For information, please contact:
Steve Levely
Chief Executive Officer | Ackroo
Tel: 613-599-2396 x730
Email: slevely@ackroo.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This release contains forecasts and forward-looking statements that are not guarantees of future performance and activities and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the company’s ability to raise enough capital to support the company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.