APP:CC - Global Compliance Applications Corp. Announces Transaction with Blue Anchor Risk Solutions (Pty) Ltd.
(TheNewswire)
Vancouver, British Columbia, Canada – TheNewswire - November 9, 2022 –Global Compliance Applications Corp. (“GCAC” or the “Company”)(CSE:APP ) , ( FSE:2FA ) , ( OTC:FUAPF), is pleased to announce that it has entered into aSale of Shares Agreement (the “Definitive Agreement”) with BlueAnchor Risk Solutions (Pty) Ltd. (“Blue Anchor”) and Blue Anchor420 SPV (Pty) Ltd. (the “SPV”) pursuant to which the Company willacquire thirty-three percent (33%) of the issued and outstandingcommon shares in the capital of SPV (the “Transaction”). InJanuary 2022, GCAC announced it had signed a Letter of Intent toacquire the SPV shares so it could participate in the South Africancannabis industry [1].
In accordance with the Definitive Agreement and asconsideration for a thirty-three percent (33%) interest in the SPV,the Company will pay Blue Anchor a purchase price in the sum ofCAD$200,000 (the “Purchase Price”), which shall be paid infully-paid and non-assessable common shares (the “Payment Shares”)in the capital of the Company at a deemed price of CAD$0.05 perPayment Share, or such other price as may be required by the CanadianSecurities Exchange. The Payment Shares will be subject to afour-month hold period following the completion of theTransaction.
Following the completion of the Transaction, it isanticipated that the Company will enter into a shareholder’sagreement with Blue Anchor and the SPV, which will govern theoperation of the SPV.
The Definitive Agreement sets out certain terms andconditions pursuant to which the Transaction will be completed. TheTransaction remains subject to certain closing conditions, including,without limitation, the receipt of all required regulatory andthird-party approvals. There can be no guarantee that the Transactionwill be completed as contemplated or at all.
In addition to the Transaction, GCAC has signed anexclusive Reseller Agreement with Efixii Africa, a wholly-ownedsubsidiary of Blue Anchor 420 SPV. South African cultivators will nowbe able to cultivate cannabis using GCAC’s Efixii software toprovide better outcomes for cannabis users [2]. In return, GCAC willbe paid a license fee of USD$230,000 by Efixii Africa.
About Blue Anchor
Blue Anchor Risk is the only specialist Cannabisunderwriter in Southern Africa. Months of research and collaborationhave resulted in a specialized wording that protects the client andthe Insurance industry supporters, providing enough confidence toestablish a South African solution for this growing industry. Thissector has been earmarked by the Government to be an expandingindustry in South Africa, with over 40 licenses issued and over 100 inapplication. Many international companies have shown interest inestablishing growing facilities within South Africa, Zimbabwe, andLesotho, where Blue Anchor Risk operates can give stakeholdersassurance and security on their investment into South Africancultivation. To learn more about Blue Anchor Risk, pleasevisit www.barisks.co.za
About Global Compliance ApplicationsCorp. “GCAC”
GCAC is a global leader in designing and developinginnovative blockchain technologies and machine learning solutions toimprove real-world businesses. GCAC's leading solution is Efixii, anEthereum Layer 2 blockchain and EVM programming functionality that ison par with other Layer-2's, such as Polygon. GCAC can quickly connecteach participant from product producers, distributors, manufacturersand retailers through a series of value chain dApps that allows fordata connectivity to drive better consumer experiences and sales. GCACcreated clearESG to assist businesses in communicating theirsustainability goals and earned attributes on the blockchain through aseries of ESG (Environmental, Social & Governance) merit badges.As an interconnected supply chain solution, the Efixii solution paystokens for attesting to a product's value, or truthness, through areward program. GCAC works in many agricultural industries providing avalue-added blockchain offering through a cost-effective SaaSlicensing model.
For more Company information, please visitwww.gcac.tech or review its profiles on www.sedar.com and on the Canadian Securities Exchange's website www.thecse.com .
GCAC Press Contact
Phone: +1 (800) 409-5679
Email: info@gcac.tech
www.gcac.tech
Forward-LookingInformation
This news release may includeforward-looking information within the meaning of Canadian securitieslegislation concerning the business of GCAC. Forward-lookinginformation is based on certain key expectations and assumptions madeby the management of GCAC. Although management of the Company believesthat the expectations and assumptions on which such forward-lookinginformation is based are reasonable, undue reliance should not beplaced on the forward-looking information because GCAC can give noassurance that they will prove to be correct. Forward-lookingstatements contained in this news release are made as of the date ofthis news release. GCAC disclaims any intent or obligation to updatepublicly any forward-looking information, whether as a result of newinformation, future events or results or otherwise, other than asrequired by applicable securities laws.
The Canadian Securities Exchange hasnot reviewed and does not accept responsibility for the adequacy andaccuracy of this information.
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