TORONTO, May 31, 2013 /CNW/ - Sprylogics International, the international provider of innovative mobile search and messaging monetization services announces that it has signed a Letter of Intent to acquire Poynt Inc. (“Poynt”).
Under the terms of the deal, Sprylogics will provide the following consideration to the owners of Poynt: (i) issue a two (2) year note in the amount of $2.5 Million (CDN) with an annual interest rate of 6.5% payable quarterly in cash and / or stock, which will be secured against the assets of Poynt; and (ii) issue up to $500,000 in Sprylogics shares. Additionally, the current owners of Poynt will retain a 10% interest in the exploitation of Poynt patents. Sprylogics will assume liabilities and fees associated with the purchase transaction as well as costs associated with management of the assets. The parties have further agreed that under certain circumstances within the deal structure, payment of the$2.5 Million (CDN) may be accelerated. Read more