NIAGARA FALLS, N.Y., Jan. 15, 2019 (GLOBE NEWSWIRE) -- BRYN (OTC: BRYN) is pleased to announce the entry into the online transfer agency business through the acquisition of a software application.
BRYN ("BRYN") and TOWNHILL SOFTWARE ("TOWNHILL") are pleased to announce the signing of a Letter of Intent ("LOI") for BRYN to acquire the CAPTABLE.CA brand and an online portal associated to that brand from TOWNHILL.
The acquisition is part of a strategic plan to be executed by BRYN to create a new subsidiary in cap table management and transfer agency by rolling in strategic assets, talent and companies under one company. The assets to be acquired from TOWNHILL, include the CAPTABLE.CA brand and a technology portal associated to the brand. The portal allows owners of small businesses and startups to create a shareholder and option registry and have the ability to distribute shares and options in an easy well understood way to the founder. The platform will allow BRYN to provide a product to many SMEs in a SaaS (Software as a Service) model. The initial focus is to target Canada which has 1.1M small businesses in Canada
"The acquisition of these assets from TOWNHILL is a first step to execute on our strategy of building a dominant player in the transfer agency space and give startups the ability to manage shareholder and option registries for startups from START-UP to IPO" - confirmed Kim Moore, Director of BRYN - "BRYN sees the CAPTABLE.CA platform as an innovative approach for board startups and small businesses to manage equity as an integral part of BRYN strategy to engage founders and shareholders".
The agreement is for BRYN to issue common shares of BRYN and pay a cash component to the TOWNHILL shareholders in exchange of the assets and Intellectual Property.
BRYN will also enter into a separate agreements with TOWNHILL and certain of TOWNHILL founders to provide business development, go to market and custom software development services in relation to the online transfer agency business. This will allow the TOWNHILL R&D team to work with BRYN to execute on the desired product and the go to market brand as well as be agile in the future product roadmap under the name CAPTABLE.CA with the purpose of acquiring market share in the transfer agency space.
The above acquisition of assets is expected to close on January 31, 2019, subject to approval and closing conditions.
TOWNHILL SOFTWARE is a software development company located in Gatineau, Quebec. TOWNHILL has build a cap table management product with unique capabilities of on boarding startups and small businesses due to its know how of mentorship activities performed by one of its founders around cap table management at various incubators and accelerators. TOWNHILL believes both companies BRYN and TOWNHILL working together share a vision on helping owners and founders solve a key problem faced every day by founders looking into visibility and management of shares and options in order to retain key employees.
BRYN is a publicly listed company on the OTC markets under the symbol BRYN and is the business of acquiring talent and technology to form subsidiaries that one day will be spinned out and listed publicly.
Mr. Kim Moore