Velocity Data Announces Agreement to Acquire NuBreed Nutrition Inc
Not For Distribution To Press Services In The United States And Not For Circulation In The United States
By: Velocity Data / Emergence Global Enterprises
WINDSOR, Ontario - July 31, 2020 - PRLog -- Velocity Data (now know as Emergence Global Enterprises Inc., but listed for trading on the Canadian Securities Exchange as Velocity Data Inc.) is pleased to announce that it has entered into a binding share purchase agreement (the "Purchase Agreement"), dated July 31, 2020, pursuant to which the Company has agreed to acquire all of the issued and outstanding shares in the capital of Nubreed Nutrition, Inc. ("Nubreed") (the "Transaction")
The Transaction is expected to result in a "Change of Business" of the Company as such term is defined in Canadian Securities Exchange Policy No. 8 – "Fundamental Changes & Changes of Business". Once consummated, the Transaction will change the nature of the Issuer's business from being a distributor of computer systems and related components to a builder of reputable consumer brands using leading innovation, integrated platforms and full traceability for the health food marketplace. The completion of the Transaction is subject to certain conditions precedent including receipt of approval from the Canadian Securities Exchange.
About the Company (listed on the Canadian Securities Exchange as "Velocity Data Inc.")
The Company is in a transition phase. On February 28, 2018, the Company announced its intention to exit its business of selling computer systems and related components and focus on new investments and projects. The Company's business was previously conducted by the Company's wholly owned subsidiary ACL Computers and Software Inc.. On January 28, 2020, the CSE notified the Company that it did not meet the continued listing requirements as set out in CSE Policy 2, Appendix A, Section 2.9 and the CSE considered the Company "inactive". In accordance with CSE Policy 3, Section 5.1, an ".X" extension was added to the Company's trading symbol. The Company is considering a number of development projects, including by way of strategic acquisition, including the proposed Transaction.
Additional information about the Company can be found on SEDAR at www.sedar.com under the Issuer Profile of "Velocity Data Inc.".
About Nubreed Nutrition, Inc.
Nubreed is a private corporation organized under the laws of the State of Michigan. It develops and distributes branded sports and nutrition specialty supplements in the United States, Canada, Australia and other jurisdictions.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: closing and the terms and conditions of the proposed transaction;
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Emergence Global Inc. / Velocity Data
Joe Byrne, President and CEO
Page Updated Last on: Jul 31, 2020