DTMXF - Datametrex Sends Indemnity Notice in Connection With Acquisition of Nexalogy
TORONTO, Oct. 29, 2019 (GLOBE NEWSWIRE) -- AI Limited (the “Company” or “Datametrex”) (TSXV: DM, FSE: D4G) announced today that it has sent a notice of indemnity to Claude Theoret, Barry Watson, Nexen Partnership and Environics Research Group Limited (the “Indemnifying Parties”) in connection with alleged breaches of certain representations and warranties of the Indemnifying Parties in favour of Datametrex in the share purchase agreement to acquire acquire 9172-8766 Quebec Inc.(“Nexalogy”) dated September 27, 2017 (the “Share Purchase Agreement”).
Datametrex acquired all of the shares of Nexalogy on November 20, 2017. Management believes that certain representations and warranties of the Indemnifying Parties in the Share Purchase Agreement were inaccurate at closing and Datametrex is seeking to be indemnified for damages resulting from the alleged breaches of representations and warranties.
As part of the acquisition of Nexalogy, Datametrex agreed to assume certain loans owing by Nexalogy to the Indemnifying Parties (the “Loans”). Earlier this year, Datametrex suspended all payments in respect of the Loans.
For more information on this project or to learn how Datametrex can assist your organization in social media discovery, Fake News Filters and BOT detection please go to:
www.nexalogy.com
About Datametrex
Datametrex AI Limited is a technology focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com).
For further information, please contact:
Jeff Stevens - President
Phone: (416) 482-3282
Email: jstevens@datametrex.com
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
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