Mr. Chris Beck reports

CALDWELL DEFERS IQTALENT PAYMENTS

The Caldwell Partners International Inc. has agreed with the selling shareholders of IQTalent Partners, Inc. to amend the existing purchase agreement to defer the majority of the remaining purchase price and earn-out payments. Caldwell acquired IQTalent on Dec. 31, 2020, with part of the purchase price subject to payment over time and earn-out achievements. The remaining accrued purchase price and earn-out payments payable of $3.6-million (U.S.) were initially scheduled to be paid Jan. 15, 2023. The payments were deferred while IQTalent restructures its business for reduced hiring demand.

Pursuant to the amended agreement, the remaining amounts will be paid $100,000 (U.S.) on or before Jan. 15, 2023, $1.1-million (U.S.) on or before April 15, 2023, and $2.4-million on or before Sept. 15, 2023. The deferred amounts will accrue interest at a 10-per-cent annual interest rate, payable when the respective payments are made. One of the IQTalent selling shareholders, David Windley, is the president of IQTalent and a director of Caldwell. Included in the $2.4-million payable on Sept. 15, 2023, is Mr. Windley's allocable portion of $1.3-million (U.S.).

About Caldwell Partners International Inc.

Caldwell Partners is a technology-powered talent acquisition firm specializing in recruitment at all levels. Through two distinct brands -- Caldwell and IQTalent -- the firm leverages the latest innovations in artificial intelligence to offer an integrated spectrum of services delivered by teams with deep knowledge in their respective areas. Services include candidate research and sourcing through to full recruitment at the professional, executive and board levels, as well as a suite of talent strategy and assessment tools that can help clients hire the right people, then manage and inspire them to achieve maximum business results.

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