Vancouver, British Columbia–(Newsfile Corp. – March 22, 2021) – 1169077 B.C. Ltd. (the “Company”) is pleased to announce that on March 15, 2021 it completed an asset purchase agreement with various Canadian and U.S. parties holding certain patents and related rights with respect of athletic footwear.
The assets are valued at CAD $800,000 and the Company has completed the transaction effective March 15, 2021 and acquired the assets by issuing 32,000,000 of its common shares, at deemed value of $0.025 per share, to the vendors. The shares are subject to a regulatory four month and a day hold and are designated as restrictive securities pursuant to applicable laws.
The Company has been researching the wearable market, and in particular the athletic footwear market, and after due consideration of the available opportunities and due diligence decided to proceed with the transaction. The acquired patents provide novel approaches and enhancements to the current way footwear are produced provide an opportunity for the Company to become an innovator in the market. The Company management hope to further concentrate its business in the wearable market, and believe the acquisition will further enhance the Company’s business and commercialization strategies.
Interested parties can contact the Company for more information, and should discuss the suitability of any interest they have in investing in the Company with their independent financial and legal advisors.
For further information please contact:
Mike Dai, CEO & Director
E-mail: [email protected]
This press release may contain certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation regarding the Company and statements containing the words “believes”, “anticipates”, “plans”, “intends”, “will”, “should”, “expects”, “continue”, “estimate”, “forecasts” and other similar expressions. In particular, this press release contains such forward-looking information regarding the Company’s intended plans and each of the foregoing’s possible effects on the business and operations of the Company. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risk that: the Company may not have or be able to raise sufficient funds to successfully develop its business or carry out any activity for which any funds may be raised for in the future; there might not be any suitable potential business or joint venture partner, or acquisition or merger partner for the Company to further develop its business; and the Company plans may not be completed as currently planned due to economic, business and other factors, some of which are beyond the control of the Company, including but not limited to the impact the COVID-19 pandemic may have on the Company, the financial markets, and the economy at large. Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control such as the future state of the economy. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/78237