09:21:38 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Marble Financial Inc
Symbol MRBL
Shares Issued 88,291,989
Close 2022-04-27 C$ 0.095
Market Cap C$ 8,387,739
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Marble Financial enters LOI to acquire eBunch Data

2022-04-28 09:39 ET - News Release

Mr. Mike Marrandino reports

MARBLE EXECUTES BINDING LETTER OF INTENT TO ACQUIRE EBUNCH DATA AND DEVELOPMENT LTD.

Marble Financial Inc. has entered into a binding letter of intent with eBunch Data and Development Ltd. and its shareholders. Pursuant to the LOI, Marble will acquire all of the issued and outstanding common shares in the capital of eBunch for $550,000 to be paid by Marble as follows: (i) $350,000 through the issuance of that number of common shares of Marble issued at a price equal to the volume-weighted average price of the Marble shares on the Canadian Securities Exchange for the five prior trading days ending three trading days prior to the execution of the definitive agreement, and (ii) a minimum of $200,000 less adjustments. The vendors also have a two-year performance-based opportunity to earn 10 cents for every $1.00 in gross income over and above $750,000 in annual incremental revenue growth formula. It is expected that due diligence, and execution of the definitive agreement will take place on or about June 30, 2022. Marble and eBunch are at arm's-length.

eBunch is an innovative Canadian digital marketing firm that specializes in generating more qualified leads per dollar spent for retailers. The company has developed proprietary intellectual property and artificial intelligence driven technology to help internal marketing teams reach their ideal and opportunistic audience with targeted digital ads across all platforms and industries. Over recent years, eBunch's prime focus has been on the automotive sector where they've seen great success due their expertise combining creative concepts coupled with high-grade digital strategy.

The addition of eBunch's complementary on-line lead generation technology and team, combined with MyMarble's financial wellness engagement platform and Inverite's open banking income verification, credit decisioning, fraud detection and KYC/AML will assist auto dealers in generating and scoring high-quality leads in real-time, acquiring a prospective buyer for a specific vehicle and have the prospect complete a credit application on-line with accurate credit information in the subprime finance sector and submit the entire lead package to the finance and insurance office of the dealership.

In September, 2021, Marble announced a licensing agreement with Konect Ai. Konect Ai has partnerships with over 50 automotive companies across Canada and over 200 such relationships in the United States. The transaction is strategic for Marble as it is anticipated that the acquisition of eBunch will further enhance Marble's overall value proposition as it relates to creating holistic campaigns that generate quality leads and scoring for auto dealers.

Moreover, the acquisition of eBunch and associated technology will enable Marble to monetize the prequalified lead with lenders on Marble's Inverite platform. Qualified consumers will have the ability to be adjudicated and prequalified for credit to purchase a vehicle of interest prior to walking into a dealership. This presents a tremendous opportunity for both prime and subprime lenders leveraging both Inverite and the MyMarble technology platform.

"This acquisition of eBunch by Marble will significantly help dealers who are not equipped for complete on-line selling -- aka digital retailing -- but understand that the selling of autos and the auto industry, in general, is changing. Marble is now equipped to assist these dealerships that are interested in moving forward in that direction," states Paul Lehal, chief executive officer and owner of eBunch. "The future roadmap entails empowering existing digital merchandising companies with Marble's API so that their payment calculators are accurate to the penny and building widgets for dealerships to help them gather finance leads."

"This acquisition allows Marble to exponentially expand its reach and partnerships. With access to a broad range of industries, we will be able take on new markets that were previously inaccessible," said Doug Tanner, vice-president of business development for Marble. "Adding eBunch to our competitive offering will give Marble more opportunities for growth than ever before. We will be able to provide partners with an edge in the ever-changing on-line market, as well as focus on other lending spaces such as mortgages or home renovation projects that are currently not possible without this acquisition. We believe this will be a major asset for leads, sales and adjudication to our new and existing partners."

Marble also announces the grant of 300,000 restricted share units to Brad McPherson, pursuant to the company's long-term performance incentive plan. Each RSU represents the right to receive, once vested, one common share in the capital of the company. The RSUs vest as to 25 per cent on each of the dates that is three, six, nine and 12 months from the date of grant. The grant of the RSUs are subject to approval from the CSE.

The company has also granted an aggregate of 2,525,000 stock options under the company's stock option plan to its directors, employees and certain consultants. These options expire in five years and vest as follows: 675,000 stock options vest in equal one-quarter amounts on the date of grant, and in each of the first year, second year and third year anniversaries from the date of grant; 1.25 million stock options vest as to 50 per cent on the date of grant, and 25 per cent in each of the first year and second year anniversaries from the date of grant; and 300,000 stock options vest in equal one-quarter amounts every three months from the date of grant. The stock options are issued at 13 cents per share.

About Marble Financial Inc.

Marble's proprietary MyMarble platform utilizes the power of machine learning, data science and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Connect, Inverite, MyMarble, Fast-Track, Learn and Boost to engage in and navigate a clear path toward financial well-being and a meaningful credit score. Since 2016, Marble is proud to have empowered thousands of marginalized consumers to a positive financial future, and the company continues to establish itself as a leader in financial wellness through the licensing of its proprietary products on the MyMarble platform and through Inverite.

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